Tax Penalty for Not Reporting Poker Income?

[whitelime]

What is the penalty for not reporting my poker winnings at all?

What if I report them incorrectly? (I have not kept a journal and would only report the net amount won)

[Mike Haven]

Did you watch Braveheart?

He volunteered for that bit at the end instead of taking his due punishment from the Taxman.

[SinCityGuy]

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What is the penalty for not reporting my poker winnings at all?

[/ QUOTE ]

Solitary confinement for a minimum of five years, with non-stop Ashlee Simpson acappella tunes piped in.

[Mike Haven]

I managed to find you a copy of their Penalties Manual. (http://www.angelfire.com/md/gina/page8.html)

[csuf_gambler]

[ QUOTE ]
What is the penalty for not reporting my poker winnings at all?

What if I report them incorrectly? (I have not kept a journal and would only report the net amount won)

[/ QUOTE ]

at worst, a slap on the wrist

[kdog]

[ QUOTE ]
Quote:
What is the penalty for not reporting my poker winnings at all?

What if I report them incorrectly? (I have not kept a journal and would only report the net amount won)



at worst, a slap on the wrist

[/ QUOTE ]

And you know this exactly... how? Because it is complete BS.
The penalty would depend on how much the IRS determines he did not report. Jail time...very unlikely. Financial penalty...most assuredly.

[richrf]

If your earnings are substantial, you should get some professional advice. If they are relatively small, just report them as you have documented them. If you are "going pro" this year (as apparently thousands of others), you definitely want to get some solid advice. The cost of going pro may be more than the gains. So just ask someone for a reference to a tax preparer (I don't think it has to be an expensive one, if your gains are relatively small) to help you out. It is a good idea to have a tax preparer do your forms if there is something new that is being added that can be potentially flagged.