Re: Who Pays Taxes on Poker Earnings? (POLL)
Mempho, excellent post.
Can you further explain this however:
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Your sales tax deduction can be your choice of either your actual sales tax paid or an arbitrary amount that is based on your AGI. Since your AGI is severely inflated, your sales tax deduction will be inflated. This, of course, was not thought about when the sales tax deduction was made law, but we should be glad to have it.
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How does an inflated AGI lead to an inflated sales tax. Well first, I guess i'd need to have a full understanding of the relationship of a sales tax to poker. How does sales tax relate to poker... what are you referring to when you say "on the table".. is the sales tax the rake? If not, is there anyway you can deduct based on rake?
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