Paying gambling taxes with insufficient records - Page 2

Niediam · #11 01-31-2005, 10:04 PM

Eh? I don't see how my reply is significantly different than your first post on this thread.

Uglyowl · #12 01-31-2005, 10:13 PM

It's not I was busting his chops. I am in the same boat as he is. I used to keep a spreadsheet and got destroyed by when my computer went kaput. I know how much my net is by my bank statements. If it isn't enough, I will deal with it then, I am not trying to short change anyone.

Think of all the grannies who a little at slots then lose then go back for more... you think they are keeping records... hell no.

Niediam · #13 01-31-2005, 10:20 PM

I'd honestly guess that the vast majority of people who show some sort of net profit at gambling (casino, internet, and home games) don't report any income from it on their taxes...

sfwusc · #14 01-31-2005, 10:41 PM

http://live.cardplayer.com/poker_mag...es/?a_id=13166

Why can't you just do this? I made more from poker than my TA job!

I played a good bit. I dont really have a choice. I have no records other than the net winnings. I have no idea the session to session amounts.

Uglyowl · #15 01-31-2005, 10:46 PM

Also I did not go into this thinking I would make much money.. it was just for fun starting out.

sfwusc · #16 01-31-2005, 10:48 PM

They are making it to hard to be honest.

SFWUSC

Niediam · #17 01-31-2005, 11:13 PM

For a lot of people who have only a small net profit (I'm thinking under 1K) its almost silly to be honest because you will have sometimes owe your entire net profit (or believe it or not sometimes more).

Shoe · #18 01-31-2005, 11:14 PM

Oh i hope that Bush gets rid of the income tax and replaces it with a national sales tax.

richie · #19 01-31-2005, 11:15 PM

I think alot of people may be in this situation. I also have kept insufficient records, mainly due to bonus whoring. I used to only play LHE, and used pokertracker to keep track. But I cannot store stud and Omaha games in PT [img]/images/graemlins/frown.gif[/img] , which I have played alot when whoring other sites. Add the casino whoring, bonuses made, etc. it becomes quite a nightmare [img]/images/graemlins/confused.gif[/img]. I do have records of total deposits and withdrawls, though, plus beginning balances, and most of my poker wins and losses. I also have B&M losses to account for, plus a week trip to vegas, and my local casinos [img]/images/graemlins/tongue.gif[/img]. Haven't figured all of it yet, but I probably have a net gain of 20K or so (about 40K wins, 20K in losses). Hopefully the IRS will be happy to see the check I send them and not pester me about it. There has to be bigger fish to fry than myself [img]/images/graemlins/smile.gif[/img]. This year I bought StatKing and I document EVERYTHING now. It's amazing how difficult the IRS makes this.

Wake up CALL · #20 01-31-2005, 11:40 PM

[ QUOTE ]
Think of all the grannies who a little at slots then lose then go back for more... you think they are keeping records... hell no.

[/ QUOTE ]

The casino keeps records for them electronically. I request my records annually from the casinos I frequent. They track my table game play as well as the small amount I insert into the slots.