Angler
02-06-2004, 01:11 PM
Last year I won a bad beat jackpot /images/graemlins/laugh.gif, the amount is not important, but enough that I will have to report it as “Other Income” /images/graemlins/frown.gif
Question, what is the best way to handle this "Other Income" on my taxes /images/graemlins/confused.gif
I've heard that by depositing the jackpot into a players account at the card room, then periodically making withdrawals from this account is the best way to go. I’ve been told withdrawals should not be over a certain amount (I’ve heard different numbers on the amount) and not more than once a day until the account balance is back to $0.00.
The withdrawal slips, can be written off as losses against the “Other Income” supposedly canceling out the associated taxes.
Questions:
Is this correct?
Is there a magic number regarding maximum allowable withdrawals?
Is this technically legal?
Any tax specialists out there?
Question, what is the best way to handle this "Other Income" on my taxes /images/graemlins/confused.gif
I've heard that by depositing the jackpot into a players account at the card room, then periodically making withdrawals from this account is the best way to go. I’ve been told withdrawals should not be over a certain amount (I’ve heard different numbers on the amount) and not more than once a day until the account balance is back to $0.00.
The withdrawal slips, can be written off as losses against the “Other Income” supposedly canceling out the associated taxes.
Questions:
Is this correct?
Is there a magic number regarding maximum allowable withdrawals?
Is this technically legal?
Any tax specialists out there?