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Tax related questions....
I hope to make money in 2006 playing poker (will be my first), but I have a few questions I'm unclear on after having read the last 10 pages of posts in this forum.
1. I keep hearing comments about quarterly forms and estimated income. Will someone please clarify on this subject? Is this only for full time / pro players? Or is this also for those who play on the side for extra money and have a full time normal job? 2. From the posts I've read, it seems the IRS wants you to claim your Gross winnings and deduct your Gross losses, instead of just claiming your Net winnings at the end of the year (which makes the most sense IMO). So what is the difference here? Is there a limit to the amount you can claim as Gross losses? Is the IRS taxing you more than the amount you actually make with this? 3. I heard there are 9 states that don't allow you to deduct gross losses. ??? So does this mean if you win 100K over the year but lose 90K (for a net win of 10K), these states expect you to pay taxes on 100K of income? Surely this is absurd and I am misinterpreting it. Anyone know the 9 states? Thanks a bunch for the help! DB |
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