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#41
10-06-2005, 01:01 AM
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Re: Reporting Gambling Winings
[ QUOTE ]
[ QUOTE ] How are you reporting it? Because th IRS wants a blow by blow, session by session breakdown. They strictly say that netting your gambling for the year is not the way to do it. So if you win $100,000 and lose $100,000 over the course of the year, you owe taxes on the $100,000 before any deductions are applied. Not cool. [/ QUOTE ] That is unequivocally wrong. Your AGI goes up 100k, but you deduct the 100k on Schedule A. You're not directly increasing your tax burden as it is calculated after your deductions are taken out. However, you do lose the standard if you weren't already itemizing plus all the deduction phaseouts and AMT assocaited with a higher AGI. [/ QUOTE ] This would actually make it very very bad I think for any college student on financial aid to have to report. Even if they only make a few thousand dollars playing poker in that year, wouldn't the fact that they are bumped into a much higher tax bracket negatively impact their FAFSA? (I'm assuming for example that a $5,000 net profit for the year could actually mean something like $50,000 in winning sessions and $45,000 in losing sessions, variance being what it is.) 
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#42
10-06-2005, 01:23 AM
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Re: Reporting Gambling Winings
you guys can say what u want, but i dont believe in war or paying for it. When all the troops are out that when ill pay taxes on my three hundred dollars i made last year hahahahahaahahahah
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#43
10-06-2005, 01:26 AM
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Re: Reporting Gambling Winings
[ QUOTE ]
you guys can say what u want, but i dont believe in war or paying for it. When all the troops are out that when ill pay taxes on my three hundred dollars i made last year hahahahahaahahahah [/ QUOTE ] 
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#44
10-06-2005, 01:30 AM
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Re: Reporting Gambling Winings
Whats that mean and whos that idiot
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#47
10-06-2005, 03:10 AM
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Re: So if I don\'t pay my taxes...then what??
[ QUOTE ]
So if I don't pay my taxes...then what?? [/ QUOTE ] "You know, minimum security prison is no picnic. I had a client in there once. He said the trick is: kick someone's ass the first day, or become somebody's bitch. Then everything will be alright." Office Space, 1999
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#48
10-06-2005, 04:24 AM
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Re: So if I don\'t pay my taxes...then what??
Way I see it is the same as a pizza delivery driver or a hair dresser who makes say 20,000 over the course of the year in tips. If they were to save this money up and deposit it into the bank, sure the IRS doesnt know about it but they are now in the same situation as poker players. They have unreported income in the bank that they made without the gov't being notified. I doubt many of these people are reporting their taxes... hell when I delivered pizza I was 18 years old and if you told me I had to report taxes on tips I woulda laughed at you.
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#49
10-06-2005, 04:38 AM
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Re: So if I don\'t pay my taxes...then what??
[ QUOTE ]
[ QUOTE ] Anyway it would be nice if we lived in a civilized country like Great Britian which logically doesn't tax gambling winnings. [/ QUOTE ] You are certainly free to move to a "civilized country" any damn time you please. Acme [/ QUOTE ] WFT is wrong with the UK, he's welcome here any time, it's not like he suggested moving to Iraq. Mack
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#50
10-06-2005, 09:53 AM
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Re: So if I don\'t pay my taxes...then what??
[ QUOTE ]
[/ QUOTE ] WFT is wrong with the UK, he's welcome here any time, it's not like he suggested moving to Iraq. Mack [/ QUOTE ] Cheers! [img]/images/graemlins/smile.gif[/img]
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