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#1
12-11-2005, 10:33 PM
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Re: Tax Question : Claim Total Winnings or Cashout?
[ QUOTE ]
First of all, you can't just claim your net. That's expressly forbidden in IRS Pub 529 (how many times have I written this?) [/ QUOTE ] Yes, but my "session" at Party poker will run from Jan. 1, 2005 to Dec. 31,2005. 
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#2
12-08-2005, 06:45 PM
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Re: Tax Question : Claim Total Winnings or Cashout?
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Say for example, total profit for the year was 35,000. But say you only cash out $30,000 directly into your bank account and the remaining $5,000 remains in your bankroll on the poker site. What income are you supposed to claim come tax day? [/ QUOTE ] Both are wrong. Listen to Kurn. As a side note, when you figure out how its supposed to work, you aren't going to be happy. --Zetack
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#3
12-10-2005, 02:22 PM
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Re: Tax Question : Claim Total Winnings or Cashout?
link to IRS info about gambling:
http://www.irs.gov/newsroom/article/...108277,00.html
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