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#1
07-08-2005, 12:59 AM
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FEAR THE IRS. Taxes.
I'm playing poker for the summer and i'm starting to rake in enough loot that i don't think my "lifeguarding job" is really a good cover. I think it's time to deal with paying taxes on my winnings.
Where do I start? I don't know if gambling is even a fully legal career in the US or my state (MA). What are other people doing about paying The Man his dues or where can i find out? [sry if wrong place to post] SEVERE AUDIT. Not the last words i want to see. cheers. sox 
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#2
07-08-2005, 01:04 AM
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Re: FEAR THE IRS. Taxes.
do a search there are a million threads
basically 1. file as professonal gambler and use schedule C 2. report gross winnings on line 21 and losses as deductions on sched A 3. go against IRS rules and report net winnings on line 21
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