The Tax Man Cometh

popeye18 · #1 12-13-2005, 10:08 PM

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You are going to get raped if you don't file as professional and get auditied.

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?

TheMetetron · #2 12-13-2005, 11:58 PM

[ QUOTE ]
[ QUOTE ]
You are going to get raped if you don't file as professional and get auditied.

[/ QUOTE ]

?

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What's the question?

If it is your main source of income, the IRS is going to conclude very easily that you were self-employed and should have reported the income via Schedule C.

When they see you didn't do this, you are going to owe the extra tax + penalties + interest... the penalties aren't small and the interest is at the highest rate they can justify. And this is if they conclude that you didn't do this intentionally. If they think you were intentionally evading taxes, the penalties get absolutely huge or you go to pound-you-in the ass prison.

Good luck with that one.

XChamp · #3 12-14-2005, 12:14 AM

I thought in order to be a professional gambler you had to demonstrate that it was your primary form of income for at least 2 years...I guess I'm wrong?

edit- typos

krishanleong · #4 12-14-2005, 08:38 AM

Everything Metetron has said is right on target. I have worked with a financial advisor and CPA as well.

Krishan