Words from my Accountant... - Page 3

stickdude · #21 02-19-2007, 09:20 PM

I'm not an accountant, but I'm pretty sure gambling winnings are reported on Form W-2G, and not 1099.

Either way, time to find a new accountant.

gambler2k4 · #22 02-19-2007, 10:49 PM

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...

jschaud · #23 02-19-2007, 10:52 PM

didnt they get al capone for tax evasion on his illegal alcohol sales?

muxplust · #24 02-19-2007, 10:52 PM

how much you win/lose

onthebutton · #25 02-19-2007, 10:56 PM

Ask your mother [censored] accountant to get that [censored] in writing!

DING-DONG YO · #26 02-19-2007, 11:01 PM

The issue isn't that your accountant doesn't understand online poker, its that he doesn't understand JACK ISHT!!!

Ask him what you're supposed to say to the IRS when your bank reports all your activity to the IRS and you get audited.

I could see (not necessarily advise or condone) an accountant telling you that you didn't have to report what is currently in your online poker account(s) but not reporting income on funds that touch a bank in any way, shape or form is rly rly dumb. The more money that hits your bank account, the higher you chances for an audit, which equates to the dumber the advice from your jagoff accountant.

SHnewbie · #27 02-19-2007, 11:01 PM

[ QUOTE ]
Can I count the withdrawals as my WINS, and my deposits as my LOSSES?

[/ QUOTE ]

no

DING-DONG YO · #28 02-19-2007, 11:04 PM

[ 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 ]

what you described is not the correct way to report.

will it pass muster and enable you to say that you acted in good faith in the event you get audited therefore limiting your exposure?

meh, I can't say on the record.

johnnyrocket · #29 02-19-2007, 11:24 PM

dont listen, he is incorrect

Zero Day · #30 02-19-2007, 11:30 PM

Well, ever since enron, accountants try to give good info because they are held liable personally now. I would set a side some money in case, but not lose sleep over it!