Awkward tax situation.

[mike0292]

I started playing poker November 2005 when I was 17. I deposited $50 and between 11/05 and 8/06 I made approx $50k. I withdrew all the money to my dad's bank account before I went off to school. When I turned 18 in October, I created my own bank account and he transferred most of the money back to me. I also started playing poker legally again.

Now the question is, $50k is a little too much to ignore. My dad talked to an accountant and he said our options were for my dad to claim that he won the $50k and then I claim what I have won from October on. Only problem with that is my father makes >$150k a year so he is in a higher tax bracket and the taxes are something ridiculous like 20k off the 50 or something like that.

The other option is to just claim that I made all the money last year even though I was 17 for most of it, basically admitting I was playing underage. I will be able to save quite a bit off taxes.

Well anyway, what's my play?