Poll: Do you claim taxes on your winnings? - Page 2

OldNantucker · #11 10-15-2006, 01:09 AM

I'm going to pay and wonder:
1. anyone know the legality of online poker according to NY state law?
2. when declaring online poker as other income do you have to specify this as "gambling winnings" or specify that it was for poker?

Botchman · #12 10-15-2006, 02:40 AM

[ QUOTE ]
so many people are deeply, fundamentally screwed by the system from the moment they are born.

[/ QUOTE ]
This justifies over paying taxs to me, I declare money I didn't even make just beacause of this [img]/images/graemlins/smile.gif[/img] I want to let them screw me as much as they can

Dazarath · #13 10-15-2006, 02:55 AM

Paying taxes sucks, but going to jail sucks more. I'm not going to risk my own ass for a few bucks. Yes, I agree that a lot of our tax dollars are wasted, and I'd be a lot happier to pay them if they weren't. But are you going to try to avoid paying taxes if you get a regular job too?

frommagio · #14 10-15-2006, 05:20 AM

I paid the taxes as hobby income. So I picked the "netting wins/loss" choice. I read all the rules, and my conclusion is that the hobby category fit my activity perfectly.

kslghost · #15 10-15-2006, 07:38 AM

Netting wins and losses = illegal and subject to audit. I don't really care, but there are better ways to fudge your numbers than doing that.

giddyup · #16 10-15-2006, 08:11 AM

I keep hearing everyone say "If you don't pay your taxes and you get audited you're going to jail." Does anyone know to what extent this is true? I mean, is there a dollar amount that if you don't pay you'll be sent to prison for sure - or does every case vary quite a bit? It would be interesting to see what would happen to each person who doesn't pay on say 10k, 20k, 30k, 40k, and so forth. Anyone actually know?

Impact · #17 10-15-2006, 10:34 AM

Who here has been audited by the IRS?....Get it?

Indiana · #18 10-15-2006, 10:39 AM

I have. If its small $ like <15K you won't be in real deep [censored] if they catch u. They wil just make u pay what u owe and a few bucks in interest. You'll not likely get audited anyway. What I was doing was very obvious and involved mucho $ that's why I got looked up.

Indy

Impact · #19 10-15-2006, 11:01 AM

[ QUOTE ]
I have. If its small $ like <15K you won't be in real deep [censored] if they catch u. They wil just make u pay what u owe and a few bucks in interest. You'll not likely get audited anyway. What I was doing was very obvious and involved mucho $ that's why I got looked up.

Indy

[/ QUOTE ]

can you elaborate on what you did?

Indiana · #20 10-15-2006, 11:06 AM

[ QUOTE ]
[ QUOTE ]
I have. If its small $ like <15K you won't be in real deep [censored] if they catch u. They wil just make u pay what u owe and a few bucks in interest. You'll not likely get audited anyway. What I was doing was very obvious and involved mucho $ that's why I got looked up.

Indy

[/ QUOTE ]

can you elaborate on what you did?

[/ QUOTE ]

I was young and dumb, bought NT at .45/share and sold it for $8. I thought they'd never know but its auto-send to the IRS for e-trade stuff.

Indy

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