Any Stud Players Filing as a Pro

mscags · #1 08-23-2005, 02:23 PM

Just wondering if any of you guys file as a pro. If so, why do you do so? I'm young so all of this tax stuff is a kick in the balls to me.

Scags

Jeffage · #2 08-23-2005, 02:58 PM

Is poker your only job? How old are you? DEFINITELY pay taxes on your winnings...talk to an accountant, they will set up quarterly payments for you and make your life easy (should be 300 max to set it all up for you).

Jeff

Bremen · #3 08-23-2005, 05:58 PM

I'll be declaring poker winnings for the first time this year. My current understanding (by no means foolproof) is that it is best for me to declare as a professional, since I can declare my net instead of deducting losses. This way I don't get bumped to a significantly higher tax bracket, or have to worry about AMT.

Michael Emery · #4 08-23-2005, 06:08 PM

Filing as a pro = asking for a audit, imo. This is also what I've heard from several lawyer friends of mine/my familys.

I'll be declaring it under extra income.

Mike Emery

Jeffage · #5 08-23-2005, 06:21 PM

You are 100% right. It is a huge audit flag with the IRS and a lot of trouble in general. Simply declare it as extra income...but trust me, get an accountant. It's so easy when they do it all for you.

Jeff

JonPKibble · #6 08-23-2005, 06:43 PM

Any accountant will tell you that poker winnings must be declared as gambling winnings, not regular income. There are special rules that differentiate this kind of income from business income, for instance.

Jeffage · #7 08-23-2005, 06:59 PM

Actually, that's a typo! It it is listed as "Gambling Winnings" I think...my bad. Another reason I pay someone else to do this stuff for me!

Jeff

BTirish · #8 08-23-2005, 07:03 PM

Has anyone listing their poker winnings as other income (gambling winnings) ever been asked by the IRS for their records? I'm keeping the records... but just curious whether anyone here has been asked for them before.

mscags · #9 08-23-2005, 11:17 PM

But doesn't not filing as a pro really screw you over. I'm 19, have never had to file taxes before, and as of right now yes poker is my only job besides reffing a few high school soccer games now and then.

mscags · #10 08-23-2005, 11:33 PM

I also heard it was a good idea to get a visa e-passporte. Any reason why I should or shouldn't get this?