I made 3500 playing online poker last year, do I need to report it?

[Pitiful]

Or is the number small enough that I shouldn't even bother?

Sorry if this is the wrong forum for this question, I couldn't find any that looked appropriate.

[Yoshi63]

I think you are going to get some sarcastic and nasty replies.

Personally, I think you should report it.

[Rhett]

If he lost $3500 last year, but had $3500 in "winning sessions", should he report it and pay $1000 in taxes for losing $3500?

Legally, one is supposed to report and pay taxes either way. Losing players who don't pay taxes on their winning sessions are really the bulk of tax fraud.

[Benholio]

[ QUOTE ]
If he lost $3500 last year, but had $3500 in "winning sessions", should he report it and pay $1000 in taxes for losing $3500?

Legally, one is supposed to report and pay taxes either way. Losing players who don't pay taxes on their winning sessions are really the bulk of tax fraud.

[/ QUOTE ]

Losing players don't owe taxes on their winning sessions. Yes, they are required to report their winning sessions, but they are also permitted to deduct their losing sessions. A player who lost $3500 and had $3500 in winning sessions should not have a tax liability for those winnings.

[carguy]

OP where do you live? In Canada if you aren't playing poker for a living then you should be fine. You don't need to report it as income.

[cardcounter0]

Years ago under the old IRS, yes, you should report it.
But today, with the new tax agency, no. You can now just report whatever number you feel like reporting. If it is off by a couple thousand, they will just say, "Hey, close enough for government work!" Then the agents will just laugh and offer to buy you a beer. It is called compassionate conservatism.

[flipdeadshot22]

[ QUOTE ]
Years ago under the old IRS, yes, you should report it.
But today, with the new tax agency, no. You can now just report whatever number you feel like reporting. If it is off by a couple thousand, they will just say, "Hey, close enough for government work!" Then the agents will just laugh and offer to buy you a beer. It is called compassionate conservatism.

[/ QUOTE ]

plz dont listen to this guy in a serious tone, he's obviously leveling you. Post your damn taxes, especially if you're willing to start a thread talking about taxed owed (wtf are you thinking)

[Mike Haven]

There are dozens of threads about tax in the Zoo and in Legislation, including a general link in the Zoo's FAQ post.

Doing a one-word Search came up with the last duplicate of this
thread within seconds.

There is no point leaving this one unlocked.