#1
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SNG tax question
Hi all, I'm sure this has been asked before, but I'm honestly terrible with this search function, so if anyone else has a link to a thread that helps out, that would be just as terrific as an answer.
So, for all the other poker players out there, they say that to do your taxes legitimately, you have to record your wins from each winning session, and then itemizs your losses for each losing session. For sngs, what counts as a session? Is it each table? Is it "as long as you have one table open"? Any help would be appreciated, citanul who just realized how incredibly easy it would be to figure out the "sessions" if it was just the number of tournaments played, total. |
#2
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Re: SNG tax question
I would guess that the income you have to report is just your net income from all SNGs played?
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#3
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Re: SNG tax question
Gambling is taxed as the amount of winnings over losses. This is not applied to SNGs but all gambling. Sports, horse racing, Ring games, slot machines, etc. I tend to go to the horse track alot to offset some of my poker winnings.
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#4
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Re: SNG tax question
[ QUOTE ]
I would guess that the income you have to report is just your net income from all SNGs played? [/ QUOTE ] You can't do this. You are supposed to itemize every single session. I honestly don't know how people do it with internet poker as you can play multiple short sessions in one day, thereby adding up to hundreds (or even thousands) a year. |
#5
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Re: SNG tax question
I intend to just give my accountant my total distributions for the year. I've only contributed $100, thus all of my withdrawals are profits over that amount. That's all that Party Poker provides, is a history of contributions and distributions.
I don't know if that is correct though. Will find out next year. |
#6
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Re: SNG tax question
[ QUOTE ]
[ QUOTE ] I would guess that the income you have to report is just your net income from all SNGs played? [/ QUOTE ] You can't do this. You are supposed to itemize every single session. I honestly don't know how people do it with internet poker as you can play multiple short sessions in one day, thereby adding up to hundreds (or even thousands) a year. [/ QUOTE ] While mostly true, the advent of the internet and multiple daily sessions will likely mean they will take profit statements, as it is nearly impossible for the IRS to get data from internet gambling sites. Land based gambling is session by session, however. |
#7
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Re: SNG tax question
my advice is simple...
MOVE TO CANADA!! up here we don't pay taxes on gambling. |
#8
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Re: SNG tax question
[ QUOTE ]
my advice is simple... MOVE TO CANADA!! up here we don't pay taxes on gambling. [/ QUOTE ] Unless it is considered your job.... |
#9
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Re: SNG tax question
This is not correct scuba you are required to kep track of each session. I do think a session could reasonably be defined as to when you log on the site till you log off. My accountant pointed out you don't have to worry about it unless you are audited and he doesn't feel there would be a penalty as long as you could prove you weren't trying to cheat.
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#10
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Re: SNG tax question
This site is somewhat helpful. The main concern is how is a "session" defined.
Tax guide In addition, since the IRS does not provide much guidance in relation to online poker and taxes, if you make a good faith effort to pay what you think you owe, it is unlikely they will charge penalties against you. Note: I am not a tax advisor of any kind nor am I an expert, I simply took a few tax courses in college. |
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