Taxes

[slickpoppa]

I plan on paying taxes on my poker winnings, but I'm still worried that the IRS is gonna screw me.
I have kept track of my earnings by writing down how much I transfer into my bank account from neteller each time. So if I were audited by the IRS, the amount that I report would be consistent with my bank statements. But has anyone out there been hassled by the IRS after trying to honestly report their winnings?

[nomad]

When you are audited, the IRS is really just looking to make sure you reported your information accurately on your return. You shouldn't have a problem as long as you have good detailed documentation to support what you have reported on your return. Playing poker is just like any other business in that regard. They must have a compelling reason to deeply delve into the cash flow. It also depends on the agent handling your audit as to where it may lead. Most of them are just trying to do their jobs, but there are some of them have a chip on their shoulders and are really trying to screw the public. Also, a lot of these agents are not really creative in their thinking and can't think for themselves, which can be good and bad.

Anyway, I'm a CPA and that is my advice to my clients. Always keep good records.

Good luck.