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Tax Consultation with RBStaxes (Off Topic)
Many of you have heard of RBStaxes referred to on the 2+2 forums from time to time. They happen to be the industy leader as far gambling taxes.
Anyway, I will be having a 30 minute telephone consultation early next week regarding my specific tax situation and taxes in general with regard to online poker. I will probably have some time left over at the end of the call, of course want to get my money's worth ($150 for the call) and wanted to know if you guys had any questions you might want answered if I have the extra time. After the call I'll post full report with everything that might be of any use to all the law abiding citizens out there. [img]/images/graemlins/tongue.gif[/img] ___1___ |
#2
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Re: Tax Consultation with RBStaxes (Off Topic)
can i deduct a escort service i used at foxwoods?
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Re: Tax Consultation with RBStaxes (Off Topic)
Sublime,
Only if you file as a Professional gambler, I believe. [img]/images/graemlins/grin.gif[/img] ___1___ |
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Re: Tax Consultation with RBStaxes (Off Topic)
What kind of business purchases can we deduct if we are pro gamblers?
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Re: Tax Consultation with RBStaxes (Off Topic)
This may be common knowledge, but if not...
What does it take to file as professional? I've seen stuff that says you don't have to be playing full time, you simply need to be a consistent winner. Assuming that is correct, what do you need to prove you are a consistent winner? |
#6
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Re: Tax Consultation with RBStaxes (Off Topic)
Spider,
What differentiates a recreational and professional gambler will be one of the main topics of discussion... ___1___ |
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Re: Tax Consultation with RBStaxes (Off Topic)
Jeff W,
I'll certainly bring this up... ___1___ |
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Re: Tax Consultation with RBStaxes (Off Topic)
[ QUOTE ]
What differentiates a recreational and professional gambler will be one of the main topics of discussion... [/ QUOTE ] Cool. Well, thanks in advance for whatever you are able to post here and I look forward to reading it. |
#9
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Re: Tax Consultation with RBStaxes (Off Topic)
If we stake another player and lose, can we write off the loss against our gambling winnings?
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#10
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Re: Tax Consultation with RBStaxes (Off Topic)
my question for them would be related to record keeping.
To the best of my knowlege, I believe that when keeping records of your wins and losses: you are supposed to break it down by session. I think historically for the B&Ms, you would basically consider a session as a period of time at a particular table. I think you were supposed to also record who else was at your table. However on the internet, this is a little more of a pain in the arse. The reason being is that we hop from table to table like a bunch of monkeys with A.D.D. For any particlar day, we may play dozens of different table sessions against hundreds of players. I have basically cut the corner and decided that I would define a "session" as a day. If the IRS was to examine my records, would they take me in to the clink? So basically my question for them is how do we define a session... and how much leeway is there? |
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