Re: poker taxes
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- The term "session" has been heavily debated. The strictest interpretation is when you sit down at a table with chips, gamble to some extent, and then get up and leave the table (if you multitable online, this can get a little nuts). A somewhat looser interpretaion is to count anytime you site down at your computer, and play. Still looser, your net total in a day. Some have suggested anytime you cashout from a poker site, and some have even suggested anytime you withdraw from Neteller to your bank account (these last approaches are a little crazy, IMHO, and I don't think the IRS would buy them). Poker around the General and Internet forums for messages with the subject of "Taxes" for more info on sessions.
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I think a pretty good arguement can be made for the cashout approach. Isn't that what defines the beginning and end of a B&M casino's session, when you cashin and cashout?
After all, the IRS is concerned with Revenue/Income and for online players we don't receive income until we cashout. Online players aren't walking around with there profits when they sign off, we need don't have immediate access to the cash. It's can be argue it's not much different than owning a stock where the price fluctuates but you only pay taxes based on you profit/loss.
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