Quick Tax Q

[Schneids]

I have basically used Pokertracker to determine my net winnings and net losses. They are XX,XXX and XX,XXX. My dad is a little worried that I will be counting XX,XXX dollars as a deductible and thinks that is going to send red flags to the IRS.

For those of you who have filed taxes in the past, you've had deductibles at least 5 digits and nothing bad has happened, correct?

[GWB]

Remember folks, I am trying to lower your taxes. If only congress would cooperate.

[BigEndian]

I would pack up all your slips of paper and go to a tax professional rather than ask for advice here /images/graemlins/smile.gif.

Btw, if anyone is even entertaining the idea of buying TaxCut - don't bother. Their software doesn't support gambling winnings/losses in a sensible way. If you don't have a G form that states your winnings from an establishment, the software doesn't recognize your ability to deduct loses. Pain in the duff.

- Jim

[Mikey]

first off, your father may not be able to claim you as a dependent assuming you are over 21 and your income is 5 figures and you weren't a full time student.
Certain criteria must be met whether you can be claimed as a dependent.

Next, you have to file your own tax form (1040) regardless, because you have to pay taxes.

You have to itemize, which means you have to fill out schedule A.

I seriously suggest getting an accountant to fill out your form.

I can give you a rough estimate of what you 'll be paying in taxes and believe you me, you won't be too thrilled once the gov't takes their cut.

[Schneids]

Hey Mikey, I sent you a short PM. If you are able to reply to it, I thank you very much!