Am I gonna get audited

[poorolrich]

He hasn't said a thing that would raise a red flag. But!!, if he does get audited he is in mucho trouble.

[R*R]

With most businesses over-generous expense deductions etc... is not he end of the world but undeclared income is a bad one if your caught. Declare the income and make a payment arrangement if you can't pay it all at once. Don't get caught with that much undeclared income as the IRS ( assuming that your American) will make your life miserable now and possibly into the future. Don't forget to deduct whatever expenses you possibly can like your computer costs, gas to get to Walmart(why not) and other items a CPA might suggest.

[Zetack]

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Don't forget to deduct whatever expenses you possibly can like your computer costs, gas to get to Walmart(why not) and other items a CPA might suggest.

[/ QUOTE ]

This is really really bad advice, and clearly not applicable to the OP.

[teddyFBI]

ur not going to jail for this.

Even if u get audited, they'll dock u your taxes owed + a penalty (maybe 20% of the amount owed) + interest.

I didn't read this thread so someone prob already gave that answer herein b/c it's common knowledge. Pay your taxes.

[LiveInPeace]

Doesn't matter if your losses are bigger than your winnings, you STILL have to add up all your winning sessions separately and report that as income.

[augie_]

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Doesn't matter if your losses are bigger than your winnings, you STILL have to add up all your winning sessions separately and report that as income.

[/ QUOTE ]

yeah but if someone actually did this they might as well kill themselves because that's how much they are probably worth to the rest of society for being so stupid

[PleasureGuy69]

why not just say that you lost all your money playing live, or on strippers and cocaine? What would they do then?