Seattle area Tax specialist with experience in online gambling?

fluff · #1 03-04-2005, 03:50 PM

Can anyone recommend me someone? Or will going to the local H&R block be enough (somehow I doubt it)? Any insight/experiences would be helpful. Thanks!

Yeknom58 · #2 03-04-2005, 09:15 PM

I think you're better of cold calling from the yellow pages than going to H+R block.

fluff · #3 03-06-2005, 02:24 PM

Yes, I suppose I could do that. But seeing as we have so many Seattle folks here, I was wondering if someone could direct me to one that has experience with internet gambling.

So no one has a tax guy? Or no one pays taxes?

Yeknom58 · #4 03-06-2005, 02:47 PM

Try PM'ing Bernie. When he won the super jackpot at the muck he must have used a tax guy.

slavic · #5 03-06-2005, 04:40 PM

Turbo Tax doesn't work for you?

renodoc · #6 03-07-2005, 06:38 PM

I have a friend who wins entries into big tourneys. This would also include winning early step tourneys on Party and then losing in step 5.

How are these treated at tax time?

Example:

If you play a step 2 ($55 expense) and win entry into step 3 ($215 I think), and then lose, what is your liability? It would seem to me that you must report winnings of $160, and then losses of $215, (or total loss of $160 to match winnings) This results in a net tax liability due to the inability to recapture all of reported winnings by itemizing deductions.

Comments appreciated. I will cross post this.