Online Poker Taxes - Page 4

Cptkernow · #31 07-19-2004, 01:42 PM

Poker winnings are tax free in the UK and winnings from poker do not count in anyway towards taxable income totals.

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PlayerA · #32 07-19-2004, 01:54 PM

[ QUOTE ]
One poster in another thread mentioned that an accountant had advised him to use deposits at poker sites as losses and withdrawals as wins. I can't vouch for either the veracity of the post or if the IRS would accept that.

[/ QUOTE ]

This is from Kurn's post above (with disclaimer included). There are other posts that suggest this method as well.

I have over 2,000 entries in my excel spreadsheet for this year (and counting). I would hate to have to use this.

drewjustdrew · #33 07-19-2004, 02:03 PM

I track each site, by table, by day on excel. The table sessions are lumped into one cell giving a sum total. I'm not sure how I will treat the session at the end of the year. As one poster pointed out, the honesty warms his heart. I had no intention of claiming gambling winnings until I won a weekly tourney at binions and they issued a 1099. I think if the government sees a gambling win without any other wins or losses, it will be suspicious to them at the least. No audit on me yet! Knock on wood.

Another issue with taxes is that state taxes often don't even let you deduct losses. I know illinois and wisconsin are like this. So you owe on the entire gross wins.

drewjustdrew · #34 07-19-2004, 02:05 PM

I don't know if the apple stand is a good example. I think for a small business, you fill out a separate schedule and take the net amount.

Phantom · #35 07-19-2004, 02:46 PM

I think its reasonable to minus your deposits from your withdrawals. A withdrawal is not 100% winnings, you obviously started with some sort of bankroll.

mmanne · #36 07-19-2004, 02:56 PM

Since when did reasonable count when reporting taxes? You need to follow the law, not what you think is fair.

matt

cardcounter0 · #37 07-19-2004, 03:10 PM

You have the same option if you play poker also.

cardcounter0 · #38 07-19-2004, 03:12 PM

That would give new meaning to the term "bad beat".

Kurn, son of Mogh · #39 07-19-2004, 03:26 PM

It should not be like this! He only made $70K, not the $130K that shows up as income.

Well, duh. Don't yell at me. I'm not the IRS. I'm just quoting their rules, which by the way, the have the power to enforce by taking away the original poster's freedom.

You don't like it? Good! Neither do I. Now go out and vote Libertarian. [img]/images/graemlins/laugh.gif[/img]

Kurn, son of Mogh · #40 07-19-2004, 03:31 PM

The fact that there is actually a real person out there, somewhere, who would do the right thing and report $100 of income in the scenario where they win $100 at the tables one day, and lose it back the next day - even though there is no chance of the IRS ever finding out about this - warms my heart.

I really, really hope this is sarcastic. [img]/images/graemlins/cool.gif[/img]