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#1
03-14-2005, 09:50 PM
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Taxes
I began playing online poker 6 months ago. I just recently read the tax law. If I haven'y been keeping logs of my daily wins and losses how do I go about reporting my profit on my taxes. I have my neteller history of deposits and withdrawls. Is there anyway to get a history from last year of my activities from the online sites. Starting now I am keeping good records.
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#2
03-14-2005, 11:13 PM
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Re: Taxes
Do you want the legal answer or the answer of what you are going to do?
If you know what you made and it was your first year, you need to declare it, if it is in there AND you get audited, you can request mercy that you did report it, just did not know the correct reporting method and you are now correctly reporting and record keeping. I know this is the incorrect method for reporting, but the IRS would rather you pay them than not and if necessarry you are proving to them that you want to correctly pay your part.
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#3
03-14-2005, 11:37 PM
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Re: Taxes
Well, how much did you make? If you weren't up on the tax laws while you were playing, I can't imagine that you were making all that much.
Just take your best guess as to what won from the records you have. If you're honest about it and it's not a significant amount of money, you have little to worry about.
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