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#1
04-05-2007, 03:19 PM
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Tax question
I just talked to an accoutant.
She told me not to claim as professional gambler, just file for regular gambling winnings She said I would pay extra 15% for being self employed. My net winnings are 140k, she said I would have to pay 38% of that. I don"T know if she knoews what she is talking about, but it seems high, and I can"T write anything off. Does this seem right? 
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#4
04-05-2007, 05:18 PM
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Re: Tax question
[ QUOTE ]
She said I would pay extra 15% for being self employed. [/ QUOTE ] True. But you get to deduct all your poker related expenses - travel, internet, home office, 2+2 books, bluff mag subscription, etc... And you pay taxes on the net amount minus all those expenses. [ QUOTE ] My net winnings are 140k [/ QUOTE ] But how much did you lose? Filing on your 1040 you cannot claim just "net" winnings. You would need to claim $200K winnings and $60K losses as an itemized deduction.
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#6
04-05-2007, 07:38 PM
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Re: Tax question
[ QUOTE ]
Right, I had total winning of aprox 180k, and total losses at about 40k. netting at 140k Which way would be better to file, as a pro , or as a regular winnings? If a file as a pro I can deduct aprox $30k [/ QUOTE ] What state do you live in? Do you have to pay state income tax? Do you want to save any of your income into an IRA? -Tom
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#7
04-05-2007, 07:38 PM
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Re: Tax question
Extension has no cost but you would have to pay at least 90% of your estimated liability. The extension gives you 6 months to file and 6 months to fund your retirement plan, such as a SEP or a defined benefit plan.
Pro? That depends on about 10 items, such as, your overall financial condition, martial status, education costs, goals and the like. The scope of your question requires more than just this forum. Good Luck
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