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Old 12-08-2005, 11:59 PM
DcifrThs DcifrThs is offline
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Join Date: Aug 2003
Posts: 677
Default Re: Tax Question : Claim Total Winnings or Cashout?

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I play on a lot of sites that don't have pocker tracker support.

I have no records for the last year except my cash out and neteller stuff.

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the only site i know and play on regularly that doesn't have readily available data put ON YOUR COMPUTER for you is paradise. i dont keep paradise records but my forthcomingness with the rest of my poker income will be 100%.

i keep meaning to ask my accountant this, and i spoke extremely briefly w/ antoher 2p2er about it but id rather not have to pay tax on(or be able to get more deductible credit for) money i use as my current poker bankroll. since this is a self employed venture, the argument stands that the available funds online is working capital necessary for proper and complete adherence to the variance associated with the business. its a tough argument though b/c corporations pay taxes (or book deferred tax liabilities) on accounts receivable booked with current period income despite the lack of received funds. the longer their days to cash, the worse the business appears in terms of cash flow but they are still liable to the IRS for income booked under US GAAP and filed with the IRS. so that working capital argument may not be all that strong [img]/images/graemlins/frown.gif[/img]

i will have an answer eventually but i thought id just put that out there as it was mentioned to me and discussed w/ another 2p2er.

Barron
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