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#1
11-20-2007, 07:33 PM
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Re: Taking a break from Poker - LONG & Low Content
[ QUOTE ]
Janelle, 2. Soon I'm going to post a thank you in the beginners forum, adressed to all of those who have helped me along the way. You are at the top of the 2+2 list, you will be mentioned prominently in my post, and I'll be rooting for you when you come back. Hang in there, and do what you need to do before you come back to the tables. Clif [/ QUOTE ] Aww TY Clif. Yeah your posts have always been helpful to me too! [img]/images/graemlins/laugh.gif[/img] I don't have to worry about the IRS yet because I only cashed out small $s. Most of the money I have is still in my account and you don't have to worry about it until you cash out! 
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#2
11-21-2007, 11:19 PM
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Re: Taking a break from Poker - LONG & Low Content
[ QUOTE ]
[img]/images/graemlins/laugh.gif[/img] I don't have to worry about the IRS yet because I only cashed out small $s. Most of the money I have is still in my account and you don't have to worry about it until you cash out! [/ QUOTE ] As far as I know, this isn't true, and it isn't treated like capital gains. You might want to ask an accountant before you do anything, especially if you're talking about a significant amount of money. I don't think the IRS will go after you for a couple thousand, but better safe than sorry. Good luck.
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#3
11-22-2007, 06:56 PM
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Re: Taking a break from Poker - LONG & Low Content
[ QUOTE ]
[ QUOTE ] [img]/images/graemlins/laugh.gif[/img] I don't have to worry about the IRS yet because I only cashed out small $s. Most of the money I have is still in my account and you don't have to worry about it until you cash out! [/ QUOTE ] As far as I know, this isn't true, and it isn't treated like capital gains. You might want to ask an accountant before you do anything, especially if you're talking about a significant amount of money. I don't think the IRS will go after you for a couple thousand, but better safe than sorry. Good luck. [/ QUOTE ] It depends on what you mean about the IRS "going after" you. If there is something questionable, but the amount is not that great, they may ask about that one item, and ask you to change your figures or the way you did something. However, you are right that something involving relatively small amounts of money won't trigger a full audit. The time and expense to do a full audit would only be triggered by a large enough amount of money at stake, and/or something like deliberate tax fraud. One thing that can trigger an audit is something occuring outside the normal ranges of your profession. For example, a few thousand in travel expenses would be normal for a traveling salesman, but might trigger an automatic audit in the case of a third grade teacher. A gambler making a couple thousand dollars would not be considered unusual enough to by itself trigger an audit.
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