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#1
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Re: The Tax Man Cometh
So...if you had a $100K in winning sessions and $50K n losing sessions does that mean your income is $100K and you're in that tax bracket? That seems pretty harsh. BTW, yes I am a student.
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#2
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Re: The Tax Man Cometh
[ QUOTE ]
So...if you had a $100K in winning sessions and $50K n losing sessions does that mean your income is $100K and you're in that tax bracket? [/ QUOTE ] Yup. And if you itemize, you can deduct the $50k. [ QUOTE ] That seems pretty harsh. [/ QUOTE ] It is. |
#3
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Re: The Tax Man Cometh
No, this is not correct. Your tax bracket is determined by your taxable income, which comes after your itemized deductions. The tax rules for gamblers are bad, but not that bad.
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#4
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Re: The Tax Man Cometh
No, it does not change your tax bracket.
What it goes change is your AGI. This can have an effect upon many things - for you a big one might be eligibility for student loans. You will also not be able to take the standard deduction. |
#5
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Re: The Tax Man Cometh
Ok, I would love to get some info for the little guys of the poker world.
I made $9K last year playing cards and are a full time student. This doesn't even come close to some of the things that my parents and I pay for together like school. Should I be thinking of filing as a pro? It just seems so ludircous but I don't want to go to pound-me-in-the-ass prison either. |
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