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#1
03-30-2004, 05:42 PM
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Tax Time Internet Gamblers....
Unless you want Uncle Sam to ass rape you, better get those Estimated Payments in by April 15....
On a side note, of those who make a large majority of their money from online poker, do you plan to declare yourself a pro and pay the SE/SS/MED tax? Is anyone not declaring themselves Pro? 
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#2
03-30-2004, 08:20 PM
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Re: Tax Time Internet Gamblers....
if i only made like $1000, do i still need to report it
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#3
03-30-2004, 09:04 PM
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Re: Tax Time Internet Gamblers....
yes
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#4
03-30-2004, 10:46 PM
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Re: Tax Time Internet Gamblers....
You are responsible legally, but I doubt even if you did get audited that anything would come out of it. I wouldnt bother reporting it...
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#5
03-30-2004, 11:16 PM
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Re: Tax Time Internet Gamblers....
[ QUOTE ]
You are responsible legally, but I doubt even if you did get audited that anything would come out of it. I wouldnt bother reporting it... [/ QUOTE ] nice thx. plus my parents hire people to do our whole familes taxes, i can always claim plausible deniability but what if say it was $3000? would that send up any flags?
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#6
03-30-2004, 11:48 PM
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Re: Tax Time Internet Gamblers....
withdraw it in cash via Neteller, don't send it through your checking account, and hope the feds never find a way to seize records of your online part site or third-party payment procesesor where they can trace your withdrawals!
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#7
03-31-2004, 01:17 AM
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Re: Tax Time Internet Gamblers....
I'm filing as a recreational gambler because this is the first year I'm declaring poker income. It seems to be a big grey area, and if it's your first time I think this would probably be the way to go for most people, especially if you've had other jobs during 2003.
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#8
03-31-2004, 08:12 AM
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Re: Tax Time Internet Gamblers....
OK - take it for what it's worth. I talked to 3 friends that are CPA' - they said if you are a micro player you are a fool to declare tax's. There is no way in heck anybody cares about how much you are making if it's below 20K.
IF a person is bringing in $500 into his account at a time -big deal. Many here will say FILE. micro players are just that micro. Take it for what's it's worth and don't call me from jail [img]/images/graemlins/wink.gif[/img]
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#9
03-31-2004, 08:59 AM
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Re: Tax Time Internet Gamblers....
[ QUOTE ]
OK - take it for what it's worth. I talked to 3 friends that are CPA' - they said if you are a micro player you are a fool to declare tax's. There is no way in heck anybody cares about how much you are making if it's below 20K. IF a person is bringing in $500 into his account at a time -big deal. Many here will say FILE. micro players are just that micro. Take it for what's it's worth and don't call me from jail [img]/images/graemlins/wink.gif[/img] [/ QUOTE ] 20K total income or from poker? If you have 20K extra in your bank account, the IRS might notice, since about 7K belongs to them, but I agree that the chances of being audited are so small that it isnt that big of a risk not declaring. Now myself, having no other form of income and being only 18 has no other choice but to pay.
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