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#1
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Since internet poker is illegal, can\'t you just report your income
as some kind of generic illegal activity. not worry about session wins and just claim your take home pay. For example, if you were a drug dealer worried about taxes you wouldn't claim your all you sales then try to deduct your costs, you would just claim the amount of money that ends up in your personal bank account.
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#2
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Re: Since internet poker is illegal, can\'t you just report your income
its not illegal.
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#3
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Re: Since internet poker is illegal, can\'t you just report your income
depends where you live and who interpets the law.
my state has commercials that specifically say online gambling is illegal |
#4
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Re: Since internet poker is illegal, can\'t you just report your income
I talked to someone at the IRS office a while ago. They said I could just put "gambling", down as my occupation. I see no problem with doing it this way.
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#5
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Re: Since internet poker is illegal, can\'t you just report your income
First of all, it's not illegal. Even if it were, the IRS technically doesn't have a right to report you for illegal gambling activity.
There's an IRS publication that says you should record gambling income on a per session basis. Total winnings are recorded as other income, losses are an itemized deduction. Sorry, but I don't know of anything that describes how to report your drug dealing money. |
#6
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you should record gambling income on a per session basis
I have heard this before, but what happens if you don't keep track of this. How should i report the earnings??
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#7
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Re: you should record gambling income on a per session basis
You can report the total income, and just hope they don't bother you about it if you get audited.
From now on though, keep accurate daily records. |
#8
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Re: you should record gambling income on a per session basis
Much easier to use Poker Tracker, and take notes of any additional income like bonuses earned, which would not be recorded by PT.
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#9
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Re: Since internet poker is illegal, can\'t you just report your income
[ QUOTE ]
as some kind of generic illegal activity. not worry about session wins and just claim your take home pay. For example, if you were a drug dealer worried about taxes you wouldn't claim your all you sales then try to deduct your costs, you would just claim the amount of money that ends up in your personal bank account. [/ QUOTE ] Sounds like you want someone to convince you that it's ok to do it your own way regardless of what the IRS rules say. Have at it. I'm a railroader and it used to amaze me at the reasoning guys would come up with the get around complying with one or another FRA (fed.rr.admin) rule. They'll go outta their way to reason their veiwpoint to convince you that it was ok to do something their way because they didn't wanna be inconveninced by the rules. My response was always "You aint gotta convince me buddy. It's the tax man ya need to talk to. You can do it your way as long as you don't mind paying the piper when you get caught." |
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