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#1
03-01-2007, 12:52 PM
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self employment tax?
If you don't file as a professional gambler, but all of your income is from gambling, do you owe self employment tax? What if you are a dependent on someone else's tax return? My situation is that I was a college student who made 10k gambling last year, and am a dependent on my parents' tax return. I am not sure if I owe self employment tax.
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#2
03-01-2007, 12:58 PM
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Re: self employment tax?
If you dont file as a professional gambler it means you dont consider your gambling a business so you dont need to pay the self-employment tax. However filing as a professional and paying the tax will generally save you money as you get to deduct 1/2 of it.
http://www.pocketfives.com/DD6E4B33-...BE6A8AF8C.aspx Tax FAQ that explains how the SE tax works in practice at the bottom of the page.
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#4
03-05-2007, 04:15 AM
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Re: self employment tax?
This link is somewhat helpful, but gets bogged down with literal interpretation. According to this anyone, anywhere who played 1 hand or more of poker MUST report it on their taxes. Losing poker players MUST report everything on their taxes. Recreational players and losing players simply do not. Use common sense. Contact a tax professional.
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#5
03-08-2007, 04:33 PM
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Re: self employment tax?
[ QUOTE ]
This link is somewhat helpful, but gets bogged down with literal interpretation. According to this anyone, anywhere who played 1 hand or more of poker MUST report it on their taxes. Losing poker players MUST report everything on their taxes. Recreational players and losing players simply do not. Use common sense. [/ QUOTE ] The above is worthless and completely inaccurate. The only good information contained within your post is below: [ QUOTE ] Contact a tax professional. [/ QUOTE ]
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#6
03-09-2007, 12:11 AM
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Re: self employment tax?
i just met with my accountant hour ago and he decided being that i was a full time student last year even my 60k I made i could file as gambling winnings and not as a professional thus avoiding self employment tax. Poker was a part time job for me so id assume it would be the same for you. My accountant doesnt specialize in gambling tax and he seemed to have a loose interpreation of the grey areas in the tax law.
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#7
03-09-2007, 12:45 AM
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Re: self employment tax?
[ QUOTE ]
i just met with my accountant hour ago and he decided being that i was a full time student last year even my 60k I made i could file as gambling winnings and not as a professional thus avoiding self employment tax. Poker was a part time job for me so id assume it would be the same for you. My accountant doesnt specialize in gambling tax and he seemed to have a loose interpreation of the grey areas in the tax law. [/ QUOTE ] Well ya thats fine since you were a full time student you were a professional student not a professional gambler.
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