poker taxes

splashpot · #1 01-29-2005, 11:57 PM

Can someone point me to an up to date guide on how to pay taxes on poker winnings? I'm a small winner, about $1000 in 2004.

LondonBroil · #2 01-30-2005, 12:49 AM

For an amount like that, I would just add it on as gambling winnings on my 1040.

BeantownCaller · #3 01-30-2005, 12:53 AM

I'd gladly do a $1000 freeze-out at private table with you. Lose intentionally. I'll give you $950 back minus rake in cash and take the risk of the IRS auditing me [img]/images/graemlins/smile.gif[/img]

I should really be looking into this too. I wasn't a huge winner for 04 but I'm going to be playing a lot more in 05...damn I'm just a young whippernsnapper and I know nothing about taxes [img]/images/graemlins/frown.gif[/img]

Quick question guys, how can you document B&M losses? Do they take your word for it?

buffett · #4 01-30-2005, 01:54 AM

Y'all should really do a search for this. There's plenty of info here on 2+2 that covers this.
Short story:
1. Keep a diary of each session you play.
2. All winning sessions get added up and put on Line 21 of 1040.
3. All losing sessions get added up and put on Line 27 of Schedule A.
-web