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Old 11-15-2005, 01:37 PM
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Default Re: new to both taxes and poker

lol
Kind of like for Jury duty...you get a notice and if you ignore it, they send you it again, and then a 3rd time (so you can't use the excuse - "I never got it!").

I don't think anyone is anal enough to report every single thing on their taxes (i.e., that 1 night you babysat and got 20 bucks, or that time you shoveled snow for a few of your neighbors for 10 bucks ea., etc.

What if you were walking down the street and found a $100. bill on the ground?
Is your first instinct, oh, "I better go home and record this income."
Technically should you? Add up and report all of these "little" things?

What about when the vending machine eats your 75 cents and doesn't give you your M & Ms? Can you deduct this 75 cents as a loss?
how far do you/should you go is my point...
(according to the letter of the law AND in actual practice).

And what is to stop a winning poker player (who, as I understand it can deduct up to the very amount of his net "winnings" on his tax return) from saying he got $50,000. in deductions from dumping it on some casino game tables over a few nights/weeks?
I know this it 100% illegal and fradulent (tax evasion), but what is to stop one from doing this?
Is it very likely you'll be audited if your deductions are always as high as your winnings?
(I don't even know how this all works, so please correct any of my statements if wrong, lol).
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