Words from my Accountant...

[yi style]

I'm studying for my CPA and I'm not sure what your accountant is talking about.

Although most of the time gambling winnings and losses are reported in seperate places, I've spoken to a couple of my professors on this issue (poker specifically) and they have said that you are safe simply reporting net profit on your Form 1040, not simply your gross winnings.

Also, you can include expenses such as training site fees and travel in your losses/expenses.

[ratholeusoul]

[ QUOTE ]
I'm studying for my CPA and I'm not sure what your accountant is talking about.

Although most of the time gambling winnings and losses are reported in seperate places, I've spoken to a couple of my professors on this issue (poker specifically) and they have said that you are safe simply reporting net profit on your Form 1040, not simply your gross winnings.

Also, you can include expenses such as cardrunners and titty trips to vegas in your losses/expenses.

[/ QUOTE ]
\o/

[keikiwai]

[ QUOTE ]
[ QUOTE ]
I'm studying for my CPA and I'm not sure what your accountant is talking about.

Although most of the time gambling winnings and losses are reported in seperate places, I've spoken to a couple of my professors on this issue (poker specifically) and they have said that you are safe simply reporting net profit on your Form 1040, not simply your gross winnings.

Also, you can include expenses such as tuff fish videos and hooker and blow binges in baltimore in your losses/expenses.

[/ QUOTE ]
\o/

[/ QUOTE ]

[Ron_Mexico]

Also, you can include expenses such as training site fees and travel in your losses/expenses.

This is not exactly true. You can not include expenses such as traveling ect. unless you are a professional gambler. What you and I would consider a professional gambler may be different than the IRS.

[Bicycles_Biatch]

what are taxes???

[syndr0me]

[ QUOTE ]
k so here is what I did. I dug up every single statement of mine from 2006. I took every deposit that came from my bank and went onto a poker site. I then took every withdrawal that went from the poker site and into my bank. I then balanced them and came up with a net profit. Can I count the withdrawals as my WINS, and my deposits as my LOSSES? not sure if it's worth asking the accountant lol...

[/ QUOTE ]

That is what u should do, u cant net them tho, u report the wins and the losses separately, i suggest getting turbo tax if u dont want to pay for a real accountant

keep ur records

[svidrigailov]

[ QUOTE ]


[/ QUOTE ]

haha

[CTFIRE]

When do you need to pay taxes? is there a set dollar amount? Should I keep track of every tourney and sit and go I lose to offset any winnings? Can someone post what they do?

[Ikaika]

[ QUOTE ]
When do you need to pay taxes? is there a set dollar amount? Should I keep track of every tourney and sit and go I lose to offset any winnings? Can someone post what they do?

[/ QUOTE ]

Take all of your money out of your poker account, pour gasoline on it and light it on fire. Whatever doesn't catch on fire you have to send to the government.

[alphatmw]

[ QUOTE ]
When do you need to pay taxes? is there a set dollar amount? Should I keep track of every tourney and sit and go I lose to offset any winnings? Can someone post what they do?

[/ QUOTE ]every 2 weeks, exactly $5,000, no, and see above about the fire thing.