Poll: Do you claim taxes on your winnings?

[Joe Camel]

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Your taxes are your bill for living in this country. If you don't like it, get the f*ck out. If you don't like how they're spent, use your vote, which I'm sure most of you don't do. That's what makes this country great, you can vote & change things.

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It's funny, before this legislation passed, there were a lot more people with this attitude. It's good to see someone sticking to their principles even when the government is trying to [censored] them.

[kevstreet]

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That's what makes this country great, you can vote & change things.

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LOL.

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Will it work to keep detailed records of losing sessions at a B&M (casino) or Vegas trips to offset some of our online winnings? [img]/images/graemlins/wink.gif[/img]

Also, for those that paid on $15K in winnings, approximately how much does that amount to?

[jrz1972]

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I'm dissapointed at the number of people saying they don't claim because of the way the gov spends their money. (in this case the military.) By not paying your simply dumping the problem onto other people and I feel the military argument is just a rationalization of your actions.

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[Python49]

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That's what makes this country great

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stfu

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I just use my bank ledger as a record. A deposit = a loss and a cashout a win. I declare gambling winnings hope this keeps working.

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The tax law specifically states this is illegal.

[mttsemipro]

15k in winnings should only come to $1,873 in taxes. Not that bad at all. http://www.moneychimp.com/features/tax_brackets.htm

[otnemem]

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15k in winnings should only come to $1,873 in taxes. Not that bad at all. http://www.moneychimp.com/features/tax_brackets.htm

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I was under the impression that if you can't file as a professional gambler, gambling tax is a flat 25% of anything over $10,000.

I just claimed net winnings the last 2 years (first year was like 1k, about 6.5 the next year). I didn't realize until late the 2nd year I was supposed to track wins and losses or at what granularity. I couldn't really put wins/losses on the 6.5k year because I simply didn't know and had no way to get the info (multiple sites, bonuses, etc, so simply hand history request wouldn't cut it).

This year I've tracked my wins/losses on a day by day basis and I'll be filing correctly.

[MrBrightside]

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i net my wins and losses because my state (wi) doesn't allow you to deduct losses. if i didn't i would have paid over half my income last year in state tax, not to mention the ~30% that went to the feds.

i make a lot of money and probably run a high risk of audit but i don't really have another option unless i move to another state.

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I'm actually in the opposite boat, claiming my gambling wins/losses actually makes my state taxes lower! Because otherwise, I would not have enough to itemize (I live in a modest home in Oklahoma, my mortgage interest isn't enough. Anyway, not itemizing in OK is a killer because on the state, you get either your federal itemized amount OR the state standard which is like 1K per person in the household (Or $4000 for me), which is like a diffference of $8000 in taxable income.

Why OK does this is beyond me. There have actually been years where I itemized for LESS than the standard, because it saved me money. The net result was paying more in fed taxes, but less in state, so my state lost revenue. Anway, since I've had a boatload of losses I get to itemize, that hasn't been a problem [img]/images/graemlins/smile.gif[/img]

[Quanah Parker]

I'm surprised no one's created a PokerStoveTaxCheat program.

Enter in the state you live in, your wins, losses, etc.
5k
SD

equity (%) fine (%) jail time (%)
5k in winnings, don't claim: 71.0956 % 68.44% 02.66%{go for it}
5k in winnings, claim: 28.9044 % 26.25% 02.66% { busto }

savings, don't claim, $1250 88%=1100
loss, claim, ($1250) 12% + penalty 50% + interest y=(775)
EV+

[5thStreetHog]

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Your taxes are your bill for living in this country. If you don't like it, get the f*ck out. If you don't like how they're spent, use your vote, which I'm sure most of you don't do. That's what makes this country great, you can vote & change things.

[/ QUOTE ]The bill for living in this country??? lol Never knew that you paid rent on life,i thought it was my right,but ooooooookkkkkkkkk...BTW,pay your taxes,but that statement was silly lol