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taxes for a non pro
Hey all,
This question has probably been answered multiple times, but here it is again: I play small stakes poker as a hobby. For 2005-2006 I cashed out around 2k, but since I was in college and not making any other money I assumed I wouldn't have to pay taxes on this. For 2006-2007 I expect to cash out somewhere between 5 and 15k. My question is, how should I be thinking about this money in tax terms for next year? Do I need to start keeping track of individual sessions? Can I just submit this as gambling profit and pay accordingly? Do I need to file this at all? |
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