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#1
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pokertracker and taxes
Does anyone use pokertracker as their only record for paying taxes? Is it sufficient?
If you don't use pokertracker as your record, what do you use and how do you record your sessions? |
#2
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Re: pokertracker and taxes
That's what I use. I export my sessions to a spreadsheet at the end of each month. If you are not filing as a professional then you need to total your winning sessions and report that as income, then total your losing sessions and report that as a deduction.
Lost Wages |
#3
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Re: pokertracker and taxes
And what if you ARE filing as a pro?
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#4
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Re: pokertracker and taxes
[ QUOTE ]
And what if you ARE filing as a pro? [/ QUOTE ] Then i believe you file a schedule C. tell me if i'm wrong. |
#5
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Re: pokertracker and taxes
I have yet to hear of someone getting in trouble for not filing as a professional and not reporting session by session. I just report net income as other income and leave it at that. I cannot imagine jsomeone getting in trouble for doing it this way, especially when all your transfer recoreds reflect the amount of income you made.
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#6
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Re: pokertracker and taxes
[ QUOTE ]
I have yet to hear of someone getting in trouble for not filing as a professional and not reporting session by session. [/ QUOTE ] You don't actually report session by session, just your total wins and total losses. The IRS requires you to keep a session log as a record but you don't send it in. If you are audited you can most definitely be fined for inadequate record keeping and you risk having your deductions (losses) disallowed. Lost Wages |
#7
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Re: pokertracker and taxes
[ QUOTE ]
Quote: And what if you ARE filing as a pro? Then i believe you file a schedule C. tell me if i'm wrong. [/ QUOTE ] I think yopu still report total wins and total losses on the Schedule C, not the net. I have fine records for my purposes for that, but who knows what the IRS would say about it. (I track cash in a cash account on MS Money and online on Pokertracker) To the main poster, from what I understand the accountant I asked couldn't think of a better record keeping system for tax purposes. |
#8
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Re: pokertracker and taxes
[ QUOTE ]
That's what I use. I export my sessions to a spreadsheet at the end of each month. If you are not filing as a professional then you need to total your winning sessions and report that as income, then total your losing sessions and report that as a deduction. Lost Wages [/ QUOTE ] Lost, Can you do that from PT or do you just do it manually from Access? Thanks, Nigel |
#9
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Re: pokertracker and taxes
I ran across these two posts on taxes and poker today. Thanks to Iggy (the BlogFather) for linking them.
Taxes and Online Gambling, Pt. 1 Taxes and Online Gambling, Pt. 2 |
#10
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Re: pokertracker and taxes
You can export your sessions to Excel directly from PokerTracker. On the "Session Notes" tab, under "Session Details", click the print (p) button, then select "Export".
Lost Wages |
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