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#1
10-12-2005, 03:17 AM
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IRS question. When to start worrying?
I am playing in microlimits (5 cent/10 cent NL). I'm pretty sure these microlimits are insignificant. My BR is like $200.00 But say I was a winnning player and my bankroll grew increasingly. When should I start worrying about recording wins/losses for deductions?
i.e. when my bankroll becomes what amount should I probably start worrying? -thanks. I know i'm in micros, but i figure you guys would know more than them... thanks... 
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#2
10-12-2005, 03:45 AM
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Re: IRS question. When to start worrying?
We probably shouldn't be discussing this here, but get yourself a good accountant right around the time you make your first $20.
Assuming you are averaging 10 PTBB/100 hands, you should get there sometime early next year. Just make sure this guy is willing to be a bit shady...
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#3
10-12-2005, 04:22 AM
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Re: IRS question. When to start worrying?
[ QUOTE ]
I am playing in microlimits (5 cent/10 cent NL). I'm pretty sure these microlimits are insignificant. My BR is like $200.00 But say I was a winnning player and my bankroll grew increasingly. When should I start worrying about recording wins/losses for deductions? i.e. when my bankroll becomes what amount should I probably start worrying? -thanks. I know i'm in micros, but i figure you guys would know more than them... thanks... [/ QUOTE ] pokertraker
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