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Old 09-21-2005, 06:22 AM
Osprey Osprey is offline
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Join Date: Mar 2005
Posts: 3
Default Taxes when you have minimal records.

So, I've been browsing the various tax topics and I have been getting scared. I will talk to a tax professional but wanted to see what other people are doing who are in the same boat. I will make probably around $90K from my real job this year.

Started playing poker over a year ago, didn't really do so well, lost a little, won a little less, kept at it. Didn't really PLAN. Since Jnauary I am up about $6300 in internet winnings, bonuses and B&M work. I got Pokertracker about 2 months ago, other than that and possibly being able to go back to bank deposits and withdrawals and reconstruct some things, I have no records. I have over $4000 in a separate subsidiary bank account I created for my bankroll, the other $2k is at various internet sites and Neteller. Since I have no records, I have no idea what my session by session winnings were, and I can't deduct my losses. What am I supposed to do if I want to pay taxes? There is definitely a trail that I would have a hard time explaining if I got a blow by blow audit of my banking records. Should I guess about my session wins and losses and hope I don't get audited? Also looks like my state won't let you deduct gambling losses anyway, really fantastic...

Thanks
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