IRS to poker winners: Pay up!

[apefish]

Without going back to reread everything I think the "reporting" part was the settlement so that it didn't actually get taken out upon cashing at the tourneys.

It's a better deal bankroll-wise for players and shouldn't concern anyone who pays their taxes.

[Exitonly]

[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career.

[/ QUOTE ]

[img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying?

[Whitewash]

[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career.

[/ QUOTE ]

[x] Probably sucks at poker

[SenatorKevin]

[ QUOTE ]
Tax question: If a person wins a big tourney for say a million dollars (no Brad Booth joke intended), then went busto trying to play nosebleed stakes in the same fiscal year, would that person still be responsible for paying taxes on his tournament winnings?

[/ QUOTE ]

No.

[grapabo]

Russ Fox's post on this in Legislation

[john voight]

[ QUOTE ]
[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career.

[/ QUOTE ]

[img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying?

[/ QUOTE ]

if your not making enough money in your job, and have to hide from the IRS in order to get by (financially), the career is prolly bad.

So if you dont declare taxes b/c if you did you would live in a box, change careers.

So everyone who grinds NL50:

get a college degree.

[buddypup]

[ QUOTE ]
Tax question: If a person wins a big tourney for say a million dollars (no Brad Booth joke intended), then went busto trying to play nosebleed stakes in the same fiscal year, would that person still be responsible for paying taxes on his tournament winnings?

[/ QUOTE ]

If you file your taxes as a "Professional Gambler", you can deduct cash losses from tourney winings. My accountant deals with a lot of gamblers, and advised me to open an account at the Commerce Casino, and one at the Wynn (I won considerable cash in tourneys at both casinos). When I play, I withdrawl from my account about 2k at a time, and keep records to show cash losses.
When I was a normal guy making regular money, my normal accountant told me that I can only deduct my tourney entry fees against the winnings.
I will know for sure what you can and cannot do, as I am currently getting audited and there are a lot of questions from the IRS regarding the $$ I have won. The only thing I learned is that your accountant can give you wrong, bad advice all day long, and is never held responsible.

[buddypup]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career.

[/ QUOTE ]

[img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying?

[/ QUOTE ]

if your not making enough money in your job, and have to hide from the IRS in order to get by (financially), the career is prolly bad.

So if you dont declare taxes b/c if you did you would live in a box, change careers.

So everyone who grinds NL50:

get a college degree.

[/ QUOTE ]

cuz a degree shows that you are entitled to make a lot of money? I do have 2 bachelor's....and they never made me a dime. College degrees are way overrated, you either got what it takes or you dont. Its really that simple.

[GaryTheGoat]

[ QUOTE ]
[ QUOTE ]
Tax question: If a person wins a big tourney for say a million dollars (no Brad Booth joke intended), then went busto trying to play nosebleed stakes in the same fiscal year, would that person still be responsible for paying taxes on his tournament winnings?

[/ QUOTE ]

If you file your taxes as a "Professional Gambler", you can deduct cash losses from tourney winings. My accountant deals with a lot of gamblers, and advised me to open an account at the Commerce Casino, and one at the Wynn (I won considerable cash in tourneys at both casinos). When I play, I withdrawl from my account about 2k at a time, and keep records to show actual cash losses and wins .
When I was a normal guy making regular money, my normal accountant told me that I can only deduct my tourney entry fees against the winnings.
I will know for sure what you can and cannot do, as I am currently getting audited and there are a lot of questions from the IRS regarding the $$ I have won. The only thing I learned is that your accountant can give you wrong, bad advice all day long, and is never held responsible.

[/ QUOTE ]

fyp for you and your accountant. [img]/images/graemlins/wink.gif[/img]

gg

[john voight]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career.

[/ QUOTE ]

[img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying?

[/ QUOTE ]

if your not making enough money in your job, and have to hide from the IRS in order to get by (financially), the career is prolly bad.

So if you dont declare taxes b/c if you did you would live in a box, change careers.

So everyone who grinds NL50:

get a college degree.

[/ QUOTE ]

cuz a degree shows that you are entitled to make a lot of money? I do have 2 bachelor's....and they never made me a dime. College degrees are way overrated, you either got what it takes or you dont. Its really that simple.

[/ QUOTE ]

i totally agree about college degrees being gay, but IMO they have value. I for one am a [censored] student, so I guess i just hate the system.