Poll: Do you claim taxes on your winnings?

[Indiana]

[ QUOTE ]
I'm surprised no one's created a PokerStoveTaxCheat program.

Enter in the state you live in, your wins, losses, etc.
5k
SD

equity (%) fine (%) jail time (%)
5k in winnings, don't claim: 71.0956 % 68.44% 02.66%{go for it}
5k in winnings, claim: 28.9044 % 26.25% 02.66% { busto }

savings, don't claim, $1250 88%=1100
loss, claim, ($1250) 12% + penalty 50% + interest y=(775)
EV+

[/ QUOTE ]

LMFAO...

[TryTight]

[ QUOTE ]
I'm surprised no one's created a PokerStoveTaxCheat program.

Enter in the state you live in, your wins, losses, etc.
5k
SD

equity (%) fine (%) jail time (%)
5k in winnings, don't claim: 71.0956 % 68.44% 02.66%{go for it}
5k in winnings, claim: 28.9044 % 26.25% 02.66% { busto }

savings, don't claim, $1250 88%=1100
loss, claim, ($1250) 12% + penalty 50% + interest y=(775)
EV+

[/ QUOTE ]

Thats it, I'm not claiming. Seems pretty clear it is worth the risk. Do you mind if I show this to the IRS if I get audited.

[NickMPK]

Last year (my first year playing poker), I just enter my net win under "Gambling Winnings" (it was about 3K). I will probably net about 10K this year.

I have no idea how I would seperate out wins and losses. How does the IRS define a gambling event for this purpose? Is each hand a separate win or loss? Each session? Each day? If I am playing multiple tables is each table a seperate win/loss?

[RemyXO]

[ QUOTE ]
Your taxes are your bill for living in this country. If you don't like it, get the f*ck out. If you don't like how they're spent, use your vote, which I'm sure most of you don't do. That's what makes this country great, you can vote & change things.

[/ QUOTE ]

LOL @ trollaments [img]/images/graemlins/smile.gif[/img]
Correction: "This is what USED TO make this country great, you could vote and change things".
How many things have you changed by voting lately?

[GBP04]

if you wanted to make things easy couldn't you just say you won a tournament for however much you made for the year? Just say you played like six times, lost five, and won a whole tournament once. Pay tax on that and it's easy? I mean, is there any way for the IRS to even check something like this? I haven't made more than $500 so I haven't had to deal with these taxes too much.

[mttsemipro]

You can file as a pro gambler, but i guess you are right otherwise. There is a thread somewhere that talks about who classifies as a pro.

[GBP04]

[ QUOTE ]
That's what makes this country great, you can vote & change things.

[/ QUOTE ]

...lol

[ QUOTE ]
That's what makes this country suck, if you're rich you can buy lobbyists & change things, otherwise you're screwed.

[/ QUOTE ]

FYP

[RED_RAIN]

[ QUOTE ]
i net my wins and losses because my state (wi) doesn't allow you to deduct losses. if i didn't i would have paid over half my income last year in state tax, not to mention the ~30% that went to the feds.

[/ QUOTE ]

this is completely wrong and you don't get to net just because you can't deduct, you can deduct from federal so you might not pay much or any, but state you just get screwed...but that is the legal way

[vilemerchant]

The thing that gets me with paying tax on poker, what if I lose 100K this year and revert back to being a lifetime loser at poker. Will I get my taxes back? Of course not. It's like you're betting with a bookie who takes your bets but never pays out when he loses.