Re: Another Poker/Tax Post --- How To Suddenly Start Reporting?
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Issue #3: "You Don't Make Enough To Worry About It"
Maybe I'm overreacting a little, seeing as a lot of people who are reading this thread probably make $7K-$9K in a few months of work, but I'm more setting up for the future. Poker isn't going away from my life and my win rate is only improving. But is there some kind of unspoken arbitrary threshhold of winnings below which people aren't really expected to report anyway? I doubt this exists, but I thought perhaps I was getting worried for nothing because I know the IRS isn't exactly losing sleep over my unreported $7K.
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And yes, the IRS will happily track down your $7000. If the IRS will go after some poor waitress for underreporting a couple thousand in tips, they will definitely go after you.
Underreporting your income by $7000 is obviously not Willie Nelson-type tax evasion, but this kind of stuff is basically the IRS's bread and butter.
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