sngs and gross income (taxes)

[Apathy]

[ QUOTE ]
[ QUOTE ]
Just move to canada.

[/ QUOTE ]For numerous reasons (most not tax-related), this option is looking better and better.Just for the helluvit, what are the rules on gambling winnings in Canada?

[/ QUOTE ]

Lotto and gambling (including poker) winnings are not taxed in Ontario (I'm fairly certain the same goes for the other provinces), unless the profit comes from hosting those games (like a casino). Same goes for gameshow winnings etc.

[Tilt]

[ QUOTE ]
[ QUOTE ]
Just move to canada.

[/ QUOTE ]For numerous reasons (most not tax-related), this option is looking better and better.Just for the helluvit, what are the rules on gambling winnings in Canada?

[/ QUOTE ]

You'll have to renounce citizenship in the US to cease being subject to US taxes.

[johnny005]

I'm from canada and I've just started to look into the tax that I will have to pay... Its the same... if it is a business or if they consider u a profesional then u have to pay taxes on your winings.
The one thing I'm wondering about though is can you count the rake that you pay as an expense?

[dfscott]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Just move to canada.

[/ QUOTE ]For numerous reasons (most not tax-related), this option is looking better and better.Just for the helluvit, what are the rules on gambling winnings in Canada?

[/ QUOTE ]You'll have to renounce citizenship in the US to cease being subject to US taxes.

[/ QUOTE ]And this would be bad because...???

[Big Limpin']

I am Canadian. Poker income is not taxed...UNLESS it is you're primary source of income. Pros have to pay taxes just like in the US. Apparently, if you make more from poker than you do from your day job, then you must declare it.

This is 2nd hand though, dont take it as gospel.

[Big Limpin']

Also, for you guys thinking of defecting, let me warn you, you will have to accept the full package. You will be forced to take free healthcare and stronger beer. No free rides.

[Maulik]

[ QUOTE ]
My interpretation is that you add up all your wins and count that as profit. As a 10/1 player, these "wins" would be recorded as either $39, $19, or $9.

All your loses would be $11.

Yes, you are getting screwed if you gross income matters to you or if you wanted to use the standard deduction.

I believe true professionals will incorporate themselves. By doing this, the "corporation" will have income and expenses, and then pay you the net as a salary. On your personal income tax, you simply list the net as your income.

Talk to an accountant if you want real answers.

[/ QUOTE ]

if I'm in college should I consider inc'ing or just wait until I'm out?

brilliant

[Phil Van Sexton]

[ QUOTE ]
[ QUOTE ]
My interpretation is that you add up all your wins and count that as profit. As a 10/1 player, these "wins" would be recorded as either $39, $19, or $9.

All your loses would be $11.

Yes, you are getting screwed if you gross income matters to you or if you wanted to use the standard deduction.

I believe true professionals will incorporate themselves. By doing this, the "corporation" will have income and expenses, and then pay you the net as a salary. On your personal income tax, you simply list the net as your income.

Talk to an accountant if you want real answers.

[/ QUOTE ]

if I'm in college should I consider inc'ing or just wait until I'm out?

brilliant

[/ QUOTE ]

I'm already beyond my knowledge. You should talk to a CPA.

[Profit]

so in short the answer to my question is NO, and now i understand what was wrong with my calculations that caused the gross to be inflated as much as it was. thanks for the responses

[Poker Junkie]

Classic! [img]/images/graemlins/grin.gif[/img]