Am I gonna get audited

[Temp Hutter]

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op, dont listen to 80% of the posts here. It continues to amaze me how people post just wrong information on 2+2

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And then you say this?

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one piece of advice that I can offer is that if you do decide to get shady on your returns......Dont E-File. Send the IRS your paper returns in a big envelope.

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Tell me did you [ QUOTE ]
"read" somewhere

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And PS - It is never good advice to tell someone to cheat on their tax return. If you want to cheat that's fine by me but don't pretend like it is good advice for someone else.

[Twistofsin]

You aren't going to jail. At worst they'll determine you owe them X amount of money and be required to pay it, in monthly installments if you don't have the assets at hand.

When my father owned his own business he didn't pay for 5 years, and of course got audited. No jail time, just pay it back. If you owe alot and can afford a decent lawyer you'll even get a discount, just like corporate tax evaders.

[Arnold_O]

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why not just say that you lost all your money playing live, or on strippers and cocaine? What would they do then?

[/ QUOTE ]tell them you lost 19,923.00 on a rigged home game and the rest on strippers and blow

[ThxBearl]

Are you allowed to claim the $ the poker site rakes totalled through the year as a 'loss'? Say I make 20K one year. Get raked 15K and get no rakeback. Can I claim a 20K win and a 15K loss?

[Zetack]

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Are you allowed to claim the $ the poker site rakes totalled through the year as a 'loss'? Say I make 20K one year. Get raked 15K and get no rakeback. Can I claim a 20K win and a 15K loss?

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You could, I suppose claim a 35k win and a 15k loss, though I don't see why you would want to. Can't you see that the rake has already been accounted for in the amount you won?

Look at it this way, you buy one share of stock for $100 and pay a $10 fee to the broker. You sell the stock for $120 dollars for a $10 dollar capital gain. You don't get to also deduct the $10 broker fee as an expense.

Ok, say you post a winning session of 1,000 dollars, but without the rake taken out it would have been 1,050 dollars. Are you reporting this as a win of $1000 or $1050? If, as every other person in the world does, you report this as $1000 win, then the rake has already been factored in and you can't double count it by deducting it again.

[glimmertwin]

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If he spent it on these two, he'd own taxes. Say he made $10,000 playing and spent $5,000 on strippers and coke and another $5000 he lost playing live poker and he now has $0. Taxable income=$5000, all of which he chose to spend on hookers and blow, others would have saved it, bought a car or whatever...doesn't matter, still gets taxed...and he still owes that money, even though he currently has $0

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What are you talking about? Strippers and cocaine are legitimate business expenses for a professional poker player. Just as a salesman has to take his clients to say, an expensive restaurant, followed by a broadway show, or a major sporting event, so a poker player has to butter up his high-rolling opponents with large amounts of cocaine and 'hos.

Such legitimate expenses are part of the costs of doing business and are absolutely tax deductable. Ask my accountant, Shady Moe. You can find him any night, wired frozen at the Rhino and he'll tell you that for sure.

You really think Antonio Esfandiari is paying tax on all those bottles of champagne that he buys, or Phil Ivey is paying tax on the money he blows down at Spearmint Rhino? They wouldn't spend anything *like* as much money in that way if it wasn't all tax deductable.