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  #1  
Old 09-25-2005, 10:18 AM
joao_,martins joao_,martins is offline
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Join Date: Jun 2004
Posts: 28
Default W2G and Poker taxes

Just wanted to start by saying i didnt know what section I was supposed to put this in, and figured my best bet was here...
I recently won a 24k at a tourament in a local cardroom and have won a couple of smaller ones throughout the course of the year...
After all of these wins or even cashes I recieved a W2G form. Now, those are the only things ever recorded in my poker career and never the losses...
So my question is to all of you live cardroom pros or even amateurs that know the answer... how do I file a loss for any of the other times I didnt win anything throughout the year?
I'd appreciate any advice or future write-offs information any of you could give me.
Thanks,
Joao
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  #2  
Old 09-25-2005, 10:38 AM
Don Olney Don Olney is offline
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Join Date: Dec 2003
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Default Re: W2G and Poker taxes

t oget the skinny on this you should go to the IRS web site--then search for the GAMBLING laws---this will keep you from trying to wade through all the stuff you will here about this---
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  #3  
Old 09-25-2005, 10:48 AM
StevieG StevieG is offline
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Join Date: Jan 2003
Location: Baltimore, MD, USA
Posts: 157
Default Re: W2G and Poker taxes

You can only claim a gambling loss up to the amount you claimed to have won as income. Since there are no forms for losses, you need to have some meticulous records.

IRS link
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  #4  
Old 09-25-2005, 10:50 AM
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Default Re: W2G and Poker taxes

Do O's advice is good. But one thing I can guarantee you, without a "paper trail," you're screwed. If you don't have a damned good record of your trips, expenses, wins/losses, you're on the hook for all of the gains.

Be extremely careful if you try to create one. You can do it, just be cautious.
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  #5  
Old 09-25-2005, 11:29 AM
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Default Re: W2G and Poker taxes

It can be a comibination of gambling losses not just poker, Lottery tickets for that year count as losses. Legal sports book and losing horese tickets as well.

A notebook log is sufficent to record casino losses.
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