THANKYOU, TAJ MAHAL ATLANTIC CITY N.J. for PROFESSIONALISM

[magoo]

I know I got the money from the "chopped" tournament win and didn't pay uncle sam. Time went by. Taj sent me some notices. Then uncle sam sent me a deliquent tax notice, which I paid immediately with the required interest. Taj didn't make any mistakes on my payout...Lord knows I'm grateful there were no mistakes, because of the size of first place. THANKYOU TAJ POKER ROOM STAFF.

[iron81]

[boyd81]

WTF is this poster talknig about?

And wtf is a magoo?

[StevieG]

[ QUOTE ]
WTF is this poster talknig about?

And wtf is a magoo?

[/ QUOTE ]

Click "First: Basic description" and then hit the "Sumbit Vote" button.

[bav]

There are too many capital letters in his subject and in his post for this to be first. I think I gotta pick second.

Pay your damn taxes you bloody deadbeats. Don't expect me to carry this country by myself. And lobby your congresscritters to fix the idiotic tax codes that relate to gambling.

[grando]

first? lol

[Grizwold]

[ QUOTE ]
Pay your damn taxes you bloody deadbeats. Don't expect me to carry this country by myself. And lobby your congresscritters to fix the idiotic tax codes that relate to gambling.

[/ QUOTE ]

I couldn't agree with you more bav.

Legally, are players supposed to declare taxes after each session which they make profit? What if a player nets very little after a year is over (like under 5k)? How do losing sessions factor in to taxes due? Anyone have any links about this? I've seen some topics about this in the past, so I will search those, but I not think they had all the information. Nor do I expect anyone to provide all the info in a reply. Just some generalities.

[bigalt]

technically, winning sessions are income and losing sessions are deductions, which can screw with your taxes if you usually take the standard deduction.

[Borgata Mike]

So buy a house and have some kids and you won't have this problem [img]/images/graemlins/wink.gif[/img]

[rurollin]

[ QUOTE ]
[ QUOTE ]
Pay your damn taxes you bloody deadbeats. Don't expect me to carry this country by myself. And lobby your congresscritters to fix the idiotic tax codes that relate to gambling.

[/ QUOTE ]

I couldn't agree with you more bav.

Legally, are players supposed to declare taxes after each session which they make profit? What if a player nets very little after a year is over (like under 5k)? How do losing sessions factor in to taxes due? Anyone have any links about this? I've seen some topics about this in the past, so I will search those, but I not think they had all the information. Nor do I expect anyone to provide all the info in a reply. Just some generalities.

[/ QUOTE ]

As far as losing sessions go, on your taxes you can only claim your losses upto the amount youve won.. So you win $10k but lose $50k, you can only claim the $10k.. (Source is somewhere on this board)..