I am a losing poker player (gambler), what can I do with TAXES?

[Kurn, son of Mogh]

In your case do one of two things.

1) just report the net and if you get audited, fall back on the ignorance defense. The IRS can be actually fairly reasonable with setting up payment plans.

2) Report cashouts as wins and deposits as losses.

One way or the other, consult a tax accountant.

[namknils]

[ QUOTE ]
Wait a second.

This is the same Kenny who plays 6-10 tables of PP 15/30 at the same time?? [img]/images/graemlins/confused.gif[/img]

[/ QUOTE ]

Heh, yeah it is. This is also the same Kenny who used to claim all the time that he never loses (jokingly). I don't think Kenny is actually losing, I think it's more to put some useful info up on the boards, because some of us have to be losing. But I really have no clue what's the truth.

[Nightwish]

[ QUOTE ]
[ QUOTE ]
So I lose on poker. And I lose on playing Blackjack, Roulette and Craps. I only have a rough idea of how much I loss totally over the year(s).

What should I do about it when I file my income taxes?

Also, I make good salary on W-2?

[/ QUOTE ]

Wait a second.

This is the same Kenny who plays 6-10 tables of PP 15/30 at the same time?? [img]/images/graemlins/confused.gif[/img]

[/ QUOTE ]
You've seen his individual hand posts though, right?

[dakine]

[ QUOTE ]
So I lose on poker. And I lose on playing Blackjack, Roulette and Craps. I only have a rough idea of how much I loss totally over the year(s).

What should I do about it when I file my income taxes?

Also, I make good salary on W-2?

[/ QUOTE ]

I posted a thread (10/22/04) about "Gambling and Taxes," on "News,Views and Gossip," Here is a link that may answer some of your questions. After you open the link, browse in the column section. You will find, "Big Brothers- The IRS is Watching." Hope this will answer some of your questions.

http://www.gamblingandthelaw.com/

[joker122]

[ QUOTE ]
You are out of luck if you're a net loser. You must claim all winnings as ordinary income on form 1040, and all losses (not to exceed winnings) as an itemized deduction on Schedule A.


[/ QUOTE ]

What if you don't keep track of these figures?

[riverhunter]

Kind of related question:

If you buy some poker books/softwares, can you deduct the cost from you poker winning? What about a new-bought computer for you pokergames? Anybody knows the answer?

[goofball]

if you are a pro: yes

[nykenny]

[ QUOTE ]
[ QUOTE ]
Wait a second.

This is the same Kenny who plays 6-10 tables of PP 15/30 at the same time?? [img]/images/graemlins/confused.gif[/img]

[/ QUOTE ]

Heh, yeah it is. This is also the same Kenny who used to claim all the time that he never loses (jokingly). I don't think Kenny is actually losing, I think it's more to put some useful info up on the boards, because some of us have to be losing. But I really have no clue what's the truth.

[/ QUOTE ]

yes, same Kenny [img]/images/graemlins/smile.gif[/img]

[nykenny]

[ QUOTE ]
Might I respectfully suggest either:

1) taking up a new hobby; or

2) adding me to your buddy list.

[/ QUOTE ]

i only add to my b-list who are even worse than me [img]/images/graemlins/grin.gif[/img]

[nykenny]

[ QUOTE ]
[ QUOTE ]
So I lose on poker. And I lose on playing Blackjack, Roulette and Craps. I only have a rough idea of how much I loss totally over the year(s).

What should I do about it when I file my income taxes?

Also, I make good salary on W-2?

[/ QUOTE ]

I posted a thread (10/22/04) about "Gambling and Taxes," on "News,Views and Gossip," Here is a link that may answer some of your questions. After you open the link, browse in the column section. You will find, "Big Brothers- The IRS is Watching." Hope this will answer some of your questions.

http://www.gamblingandthelaw.com/

[/ QUOTE ]

Thanks! this is very good information.

Kenny