Bonuses, Sessions and Taxes
Ok, first off, I know bonuses are taxable -- that is not my question.
I consider a session to be a contiguous time period playing on one site even if there are multiple tables involved. Scenario: Session 1 (4-tabling) - up $75 Session 2 (4-tabling) - up $25 Session 3 (4-tabling) - down $50 Bonus: cleared $100 bonus during session 3 Without the bonus, I would report total winnings of $100 (S1 + S2) and total losses of $50 (S3). What to do about the $100 bonus during session 3? Option 1: Consider this to be total winnings of $200 (S1 + S2 + bonus) and total losses of $50 (S3) Option 2: Consider the bonus to be part of my income from session 3 thus making the net for session 3 +$50 now -- so now I would have total winnings of $150 and losses of $0 I'm curious to see what others think. I think I could make a good argument for option 2. |
Re: Bonuses, Sessions and Taxes
Its all good until you get an audit, then you would rather you followed their rules.
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Re: Bonuses, Sessions and Taxes
From this link, I would say I have no problem with the definition of a session.
The question is are awarded bonuses considered part of your session in which you earned them or are they considered independant sessions? |
Re: Bonuses, Sessions and Taxes
I would have thought they would just be "other income" and unrelated to particular "sessions."
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Re: Bonuses, Sessions and Taxes
I put bonuses and rakeback in the "additional misc. income" area. It is not wagered and paid more like an hourly wage for independant work.
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