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#1
02-04-2004, 05:37 PM
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Tax Plans - Comments Sought
Hello all--
First time having to deal with poker winnings. A blessing and curse (but mostly a blessing). Last 2 years, I've kept a decent B&M journal. Late last year, I started playing online and didn't keep detailed session records -- every table, every time. I've now netted a decent win and made my first cash out. Today, I decided to start the detailed record-keeping online. In the mean time, next year, I'll report my winnings (first cashout without the records and any subsequent winnings with the records) on my taxes and cross my fingers that I don't get audited. For future years, I should have the records to back it all up. Thoughts? Comments? Is there a different approach I should take? Anything I'm missing? CMP 
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#2
02-04-2004, 08:20 PM
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Re: Tax Plans - Comments Sought
[ QUOTE ]
Hello all-- First time having to deal with poker winnings. A blessing and curse (but mostly a blessing). Last 2 years, I've kept a decent B&M journal. Late last year, I started playing online and didn't keep detailed session records -- every table, every time. I've now netted a decent win and made my first cash out. Today, I decided to start the detailed record-keeping online. In the mean time, next year, I'll report my winnings (first cashout without the records and any subsequent winnings with the records) on my taxes and cross my fingers that I don't get audited. For future years, I should have the records to back it all up. Thoughts? Comments? Is there a different approach I should take? Anything I'm missing? CMP [/ QUOTE ] If the cashout was in 2004 I dont think you have to qorry about it until next year
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