Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > General Poker Discussion > Poker Legislation

Reply
 
Thread Tools Display Modes
  #1  
Old 02-25-2007, 05:24 PM
tizlinda tizlinda is offline
Junior Member
 
Join Date: Oct 2006
Posts: 17
Default Scared of the IRS

I have read most all threads on taxes here and it quite honestly scares me to death. I made some money last year playing online poker(probably about 8K),I have a full time job (teacher) and I never considered having to log sessions. I have never logged any sessions on all my trips to vegas or laughlin or the horse racing track nor had I ever even heard of such a thing. I just always assumed that IF I won more than 1200 at one time they filled out a form and I paid taxes on it. I have to believe most people are like me in this respect. At least those that aren't professionals. So after reading all the stuff on here I realize I cannot correctly file.

I am going to pay taxes on my net winnings last year, however, I have 6K frozen indefinitely in Neteller that I don't plan on claiming as winnings this year as I may or may not ever see it. And I know I lost over 3K to vegas, laughlin and horseracing to offset some of my online winnings. I just don't have documentation of this as I don't spend my vacations documenting every pull on a slot machine. The IRS, however now has documentation of every transaction I've made online. Gambling is my hobby, like anyone else who fits this bill, paying taxes and accumulating documentation was not foremost on my mind.

My taxes have always been very simple, one job, no deductions. The way I see it now, I am at some risk whether I pay taxes on poker winnings or not. Again, I will pay taxes on as close to the net winnings as I can attain, less the amount frozen indefinitely (I will wait till the last minute to see if I ever get them). But I can't be alone in this scenario. The Government is making me feel as though I am a criminal by their treatment of poker players. Millions of vegas gamblers and the like sleep easily while winning thousands a year without paying taxes, and I toss and turn because I finally found a game I can win at and the government may or may not decide to use only my neteller records to ascertain what I owe them.

If I hadn't found this site I would be better off, living in ignorance as probably thousands of others are would be better than waiting for the hammer to fall.

So a big thank you Uncle Sam for making this once proud, productive, and honest American citizen feel like a scheming low life who will be waiting for your knock on my door for the next 10 years.
Reply With Quote
  #2  
Old 02-25-2007, 05:46 PM
AAAA AAAA is offline
Senior Member
 
Join Date: May 2005
Posts: 1,681
Default Re: Scared of the IRS

isn't it about time that the sites helped us out? they have the details needed.

the problem is that the us govt shafts gamblers in several ways...the worst is not allowing netting and the other is the ATM alternative minimum tax...not the cash machine.

but it would help to have records from the sites showing daily wins and losses at least.
Reply With Quote
  #3  
Old 02-25-2007, 06:06 PM
Uglyowl Uglyowl is offline
Senior Member
 
Join Date: Nov 2002
Location: They r who we thought they were
Posts: 4,406
Default Re: Scared of the IRS

Do the best you can. You are not alone being a gambler who doesn't sit with a notebook and write down every win/loss, etc. In my lovely home state of Mass., gambling winnings are taxable, while losses can not be deducted (period).

You think Grandma Jones writes down a $1,000 win if she goes to Foxwoods and gets lucky after she lost $5,000 in prior sessions. Heck no.

You are not alone, do the best you can, start logging sessions now. Don't lose sleep over it. It sucks sometimes the hypocrisy of all.
Reply With Quote
  #4  
Old 02-25-2007, 07:16 PM
tizlinda tizlinda is offline
Junior Member
 
Join Date: Oct 2006
Posts: 17
Default Re: Scared of the IRS

I will not be playing anymore. I have no more money in any sites and cannot fathom logging every session then having to log all outside play (vegas and such). The Government has ruined this pasttime for me for the time being. I will still gamble offline where it is not monitored.
Reply With Quote
  #5  
Old 02-25-2007, 07:59 PM
jrz1972 jrz1972 is offline
Senior Member
 
Join Date: Jul 2004
Location: Between Threetown & Cap City
Posts: 3,448
Default Re: Scared of the IRS

I don't know why you think the government is being unreasonable. Everybody knows that gambling income is taxable in the US. It's breathtaking to me that you were honestly ignorant of that fact. And yes, reporting your wins and losses separately is irritating but it isn't the sort of thing people lose sleep over.

I can see complaining about how the government makes you feel like a criminal because of the UIGEA etc., but it's really odd to apply that argument to paying income taxes on, well, earned income.
Reply With Quote
  #6  
Old 02-25-2007, 08:02 PM
jrz1972 jrz1972 is offline
Senior Member
 
Join Date: Jul 2004
Location: Between Threetown & Cap City
Posts: 3,448
Default Re: Scared of the IRS

[ QUOTE ]
I will not be playing anymore. I have no more money in any sites and cannot fathom logging every session

[/ QUOTE ]

If only somebody would invent a computer program that would keep Track of my Poker results.

[ QUOTE ]
then having to log all outside play (vegas and such). The Government has ruined this pasttime for me for the time being. I will still gamble offline where it is not monitored.

[/ QUOTE ]

I think you should post your intention to evade income taxes on other public forums too, not just this one.
Reply With Quote
  #7  
Old 02-25-2007, 08:10 PM
bossplayer bossplayer is offline
Senior Member
 
Join Date: Feb 2007
Posts: 127
Default Re: Scared of the IRS

[ QUOTE ]
I don't know why you think the government is being unreasonable. Everybody knows that gambling income is taxable in the US. It's breathtaking to me that you were honestly ignorant of that fact. And yes, reporting your wins and losses separately is irritating but it isn't the sort of thing people lose sleep over.

I can see complaining about how the government makes you feel like a criminal because of the UIGEA etc., but it's really odd to apply that argument to paying income taxes on, well, earned income.

[/ QUOTE ]

Wow, it is like an advanced troll post. Are you serious?

People in general, are sheep. They dont go to forums to research everything they do. They go to work, watch tv, raise kids, and maybe search for some entertainment via other channels after that (ie hobbies)

I am being a little silly on this post, but honestly, keeping records of sessions is ludicrous. It takes all of the enjoyment out of even considering doing this in the USA. The tax code for gambling needs MAJOR changes.... well, I guess all of it does.

Man we live in a messed up country.
Reply With Quote
  #8  
Old 02-25-2007, 08:14 PM
bossplayer bossplayer is offline
Senior Member
 
Join Date: Feb 2007
Posts: 127
Default Re: Scared of the IRS

Casinos should hand out little notebooks for all of their patrons, this being the truth in tax code. Anything less should be considered as irresponsible.
Reply With Quote
  #9  
Old 02-25-2007, 09:12 PM
Poker_Ace Poker_Ace is offline
Member
 
Join Date: Feb 2006
Posts: 92
Default Re: Scared of the IRS

You worry too much. Seriously. If you pay taxes on your best good faith estimate, you have absolutely nothing to worry about.

Even if you did not report any of your winnings, both your chance of getting caught and the consequence of getting caught is probably much smaller than you think it is; otherwise you would not be so worried.
Reply With Quote
  #10  
Old 02-25-2007, 09:39 PM
tizlinda tizlinda is offline
Junior Member
 
Join Date: Oct 2006
Posts: 17
Default Re: Scared of the IRS

[ QUOTE ]
[ QUOTE ]
I will not be playing anymore. I have no more money in any sites and cannot fathom logging every session

[/ QUOTE ]

If only somebody would invent a computer program that would keep Track of my Poker results.

[ QUOTE ]
then having to log all outside play (vegas and such). The Government has ruined this pasttime for me for the time being. I will still gamble offline where it is not monitored.

[/ QUOTE ]

I think you should post your intention to evade income taxes on other public forums too, not just this one.

[/ QUOTE ]

where did I say I was planning to evade paying income tax?
The fact is, if you win 5 dollars on a scratcher or 100 on a slot machine you do not log such winnings in a binder and talley up wins and losses at the end of the year. If we all did that then there would a lot less gambling in this Country, it takes away all the fun and turns it into work.

My intention was to share how I feel about recent ongoings. It is not new to this country to criminalize its good patrons, the prohibition nearly criminalized everyone. But this hit home for the first time with me. Probably 90% of the gambling public is unaware of the regulations requiring the records needed for filing on gambling winnings. It is as much the Governments fault for this as ours. Paying taxes needn't be so complicated as to allow the IRS to make criminals out of whom they choose to.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 08:56 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.