grapes
05-14-2003, 12:21 AM
I have been playing for about 5 years, but only last year did I start winning consistently, and I still had a job most of the year, aside from still being a full-time student.
This year, poker has become my primary source of income. The only problem with that is going to be dealing with taxes, come this time next year. I've seen bits here and there about what kind of records are necessary, and other tips, but there doesn't seem to be much information available overall. I am a 22 year old college student, and my taxes have always been very simple, one student job as my only source of income, so I don't know very much about tax law.
Does anyone know of a source of good information for gamblers about US taxes? The types of things I'm wondering about are how winning money offshore affects things (most of my play, and winnings, are online), what kind of records I need to keep in case of an audit (and how to avoid the audit in the first place), what would happen if I got audited and didn't have records, deductions I could take (can I write off a new computer and my Internet service?), etc. I don't even know if I need is a tax guide with detailed information for gamblers, or a dedicated book/guide for gamblers.
Anyone know of any books and web sites that might help me, or have tips? I've heard of Nelson Rose's "Gambling and the Law", but I don't know whether it's worthwhile, whether it deals with taxes at all, and the fact that it was published 17 years ago has stopped me from buying it so far. Anyone read this one?
Thanks in advance.
This year, poker has become my primary source of income. The only problem with that is going to be dealing with taxes, come this time next year. I've seen bits here and there about what kind of records are necessary, and other tips, but there doesn't seem to be much information available overall. I am a 22 year old college student, and my taxes have always been very simple, one student job as my only source of income, so I don't know very much about tax law.
Does anyone know of a source of good information for gamblers about US taxes? The types of things I'm wondering about are how winning money offshore affects things (most of my play, and winnings, are online), what kind of records I need to keep in case of an audit (and how to avoid the audit in the first place), what would happen if I got audited and didn't have records, deductions I could take (can I write off a new computer and my Internet service?), etc. I don't even know if I need is a tax guide with detailed information for gamblers, or a dedicated book/guide for gamblers.
Anyone know of any books and web sites that might help me, or have tips? I've heard of Nelson Rose's "Gambling and the Law", but I don't know whether it's worthwhile, whether it deals with taxes at all, and the fact that it was published 17 years ago has stopped me from buying it so far. Anyone read this one?
Thanks in advance.