OT: [censored] thread, OCTOBER, READ RULES IN TOP POST

[MikeMcQ1]

j,

Will you be claiming that you are a professional poker player? If so, the whole itemizing losses thing isn't neccessary from what I understand. i.e. you can just "net" your winnings from your losses. If you are not a professional, however, you are supposed to itemize your losses. You're prolly seeing that though if you are reading that forum.

[BHokie1]

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j,

Will you be claiming that you are a professional poker player? If so, the whole itemizing losses thing isn't neccessary from what I understand. i.e. you can just "net" your winnings from your losses. If you are not a professional, however, you are supposed to itemize your losses. You're prolly seeing that though if you are reading that forum.

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I just put the net under other income [img]/images/graemlins/blush.gif[/img]

[jgunnip]

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j,

Will you be claiming that you are a professional poker player? If so, the whole itemizing losses thing isn't neccessary from what I understand. i.e. you can just "net" your winnings from your losses. If you are not a professional, however, you are supposed to itemize your losses. You're prolly seeing that though if you are reading that forum.

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As a student I think I have some flexibility here but I obv want to take the less costly route. I have a feeling it may be to file under Schedule C in which case I can make legitimate claims to meeting most of the factors that are considered. Primarily playing for the purpose to make profits as my sole source of income while treating it as if it were my business or job.

I probably should have prepared and looked into all this earlier but sooner is better than later I suppose.

[kleath]

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j,

Will you be claiming that you are a professional poker player? If so, the whole itemizing losses thing isn't neccessary from what I understand. i.e. you can just "net" your winnings from your losses. If you are not a professional, however, you are supposed to itemize your losses. You're prolly seeing that though if you are reading that forum.

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I just put the net under other income [img]/images/graemlins/blush.gif[/img]

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If you dont file as a pro you cant use the net figure you have to use gross winnings as your income and itemize your losing sessions as deductions.

Again not a tax pro just read up a decent amount on it.

[Jbrochu]

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If you dont file as a pro you cant use the net figure you have to use gross winnings as your income and itemize your losing sessions as deductions.


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Do you know if you can you claim as a pro even if you work a full time job as long as you play to make money and treat it as a business?

I don't see why you couldn't, since you can work a full time job and run a part time business on the side. Why would poker winnings have to be your primary source of income to file as a pro?

My tax pro seems confused on this issue.

[cha59]

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If you dont file as a pro you cant use the net figure you have to use gross winnings as your income and itemize your losing sessions as deductions.


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Do you know if you can you claim as a pro even if you work a full time job as long as you play to make money and treat it as a business?

I don't see why you couldn't, since you can work a full time job and run a part time business on the side. Why would poker winnings have to be your primary source of income to file as a pro?

My tax pro seems confused on this issue.

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My tax guy just takes my net minus expenses and adds that to my job income. I'm not sure but I think he is doing what you say here John. He is an excellent CPA and is very confident that he is doing it properly.

[Josem]

Cha,

From reading a heap of stuff on here, I'm confident that your CPA is doing it wrong. For Americans, it involves some sort of calculation of the results of sessions.

[Jbrochu]

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If you dont file as a pro you cant use the net figure you have to use gross winnings as your income and itemize your losing sessions as deductions.


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Do you know if you can you claim as a pro even if you work a full time job as long as you play to make money and treat it as a business?

I don't see why you couldn't, since you can work a full time job and run a part time business on the side. Why would poker winnings have to be your primary source of income to file as a pro?

My tax pro seems confused on this issue.

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My tax guy just takes my net minus expenses and adds that to my job income. I'm not sure but I think he is doing what you say here John. He is an excellent CPA and is very confident that he is doing it properly.

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My guy is a CPA as well. What we've done the last several years is the following:

- all total winnings (based on sessions) go on my gross income line

- all total losses (again, sessions based) get deducted as losses


The problem with this method is your gross income can get huge even if in reality you don't make a lot of money. You might get tagged with the alternative minimum, lose deductions, etc.

Since I've only been playing for fun and not logging huge hours, it hasn't been too bad.

In 2008 I plan on taking my poker very serious and logging a lot of hands/ making a lot of money. I'm working with my CPA to figure out if I can treat this for tax purposes as a part time job [edit: i meant part time business], or if we need to continue with the way we've been doing it in the past.

[Jbrochu]

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The investigation into the WCOOP Main Event has now been concluded.

We have determined, based on the totality of evidence, that the tournament winner “TheV0id” was in breach of the PokerStars Terms of Service.

In the interests of Game Integrity, “TheV0id” has been disqualified from first place.

All other WCOOP Main Event prizewinners in addition to the player who originally bubbled in 415th place will therefore advance one place in the prize pool. The necessary financial adjustments to reflect the revised tournament places will be made within the next 24 hours.

Please note that we are unable to release further details of this investigation, for reasons of confidentiality and privacy.

Stephen W.
Manager, PokerStars Game Security

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NVG Post

[jgunnip]

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[ QUOTE ]
The investigation into the WCOOP Main Event has now been concluded.

We have determined, based on the totality of evidence, that the tournament winner “TheV0id” was in breach of the PokerStars Terms of Service.

In the interests of Game Integrity, “TheV0id” has been disqualified from first place.

All other WCOOP Main Event prizewinners in addition to the player who originally bubbled in 415th place will therefore advance one place in the prize pool. The necessary financial adjustments to reflect the revised tournament places will be made within the next 24 hours.

Please note that we are unable to release further details of this investigation, for reasons of confidentiality and privacy.

Stephen W.
Manager, PokerStars Game Security

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NVG Post

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BOOM. Such a sick week for drama bombs.