Just finished up my taxes

[waveball]

Are you saying you owe $1000 on your federal return after claiming that net win of $2600? Or do you now owe $1000 to the fed's and state combined? My guess it is the latter because you live in a state that doesn't allow gambling deductions.

[MasterLJ]

[ QUOTE ]
Are you saying you owe $1000 on your federal return after claiming that net win of $2600? Or do you now owe $1000 to the fed's and state combined? My guess it is the latter because you live in a state that doesn't allow gambling deductions.

[/ QUOTE ]

Combination of State and Federal are roughly $1k.

[TheOpus]

When you figured this out, did you claim only your $2605 net profit as part of your income or did you claim all of your winnings as income? With taxes, the winnings as the losses are figured as two separate amounts and not one net amount. So you can claim your total losses up to the amount of your total winnings when you itemize your deductions. And in your case, itemizing your total losses would be more than the standard deduction of $5150. If this is how you already figured it out and you still came up owing $1000, that blows. If not, run it this way and see how it comes out.

[genesisgkh1]

Just net your winnings and pay the taxes on the $2600.

(People on this thread will now lose their minds. This should be fun!)

[smittymatt]

[ QUOTE ]
Just net your winnings and pay the taxes on the $2600.


[/ QUOTE ]

/agree

[Poker_Ace]

[ QUOTE ]
[ QUOTE ]
Don't you buy Girl Scout Cookies, go to church, visit Goodwill, pay for internet services, have a computer, dinners with other poker players, postage and bank fees, go to the dentist, have medical insurance, girlfriend problems, buy books and tapes, computer items, chairs, use coffee, eat doughnuts, credit card interest and fees, buy Playboy for research

[/ QUOTE ]

UM? surely YOU ARE NOT SUGGESTING THAT HE USE PERSONAL EXPENSES AS BUSINESS DEDUCTIONS CAUSE YOU GO TO FPMITA FOR THAT WHICH IS WHY NOBODY DOES IT!!!!!!!!!!!!!!!!!!!

[/ QUOTE ]

LOL!!! I enjoy your posts.

[Sniper]

DDY... I'm glad to see that you updated your location... [img]/images/graemlins/smile.gif[/img]

[MR EPI]

Dont forget to deduct sales tax. You can do this when you itemize. You can do actual or can take an estimated figure given by IRS.

[Poker CPA]

and the hookers, don't forget about that

[LotsOfOuts69]

[ QUOTE ]
[ QUOTE ]
you have a real job on top of this I'm assuming?

[/ QUOTE ]

Yeah.

As far as it cannot be right, please share what you are thinking since I've only done my taxes for 2 years.

Keep in mind that I miss out on the Standard Deduction of $5100 by itemizing my deductions (properly). That accounts for most of the reason why my refund from my normal job(s) turned into me owing the government.

[/ QUOTE ]

Yup, which is why it is exactly right. This is why its so f-ing stupid the way you have to claim them. This is also why people just net their winnings together.