So you're planning on not filing your taxes.... - Page 5

DesertCat · #41 03-23-2005, 10:56 PM

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ADo you really want to file a tax form with 500 line items in one area nd 500 more line items in another? Moreover, the effect of reporting this way will throttle your gross income to extrordianry levels even if you are just a break-even player, putting you into a higher tax bracket and costing you alot of money. I am very happy with my country, so I am willing to pay taxes on my earnings, but I wasn't willing to do that. I considered reporting my gambling winnings by just reporting one flat number that was equal to my withdrawls, or perhaps equal to my withdrawls - my deposits - my poker account balances. But this is illegal, and doing this removes my ablity to claim ignorance in the future. Worse, doing this may actually have the undesired effect of making me more likely to be audited! It's really a big clusterfck.

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It's my understanding that you can just report net winnings if you file a schedule C as a professional gambler. This would avoid reporting individual sessions or pumping up your AGI. Talk to a tax professional, but if you've earned anything significant this may be simple to do.

In my case most of my income comes from doing equity research. But I did net about $7k in poker winnings and my accountant was able to schedule C it, allowing me to write off a trip and some other expenses as well.

Leavenfish · #42 03-23-2005, 11:47 PM

I keep hearing that there is about to be a big push for doing away with the Income Tax and moving to a National Sales Tax. Assuming this happens...no more IRS, no more worries. yes?
ASSuming...

--Leavenfish

astroglide · #43 03-23-2005, 11:53 PM

not likely and even if they announced tomorrow that they were going to do it, it would take TONS of time to implement and they wouldn't give up on all of the outstanding issues.

Cerril · #44 03-24-2005, 01:50 AM

That's kinda what I figured. I haven't filed yet because I don't -think- I've ever made enough to be taxed. If they get around to auditing me and I owe because it turns out I did make enough, I fully intend to pay it. Now of course I'm not talking about five digit earnings that I never got around to paying up on, so I'm not at all the target of discussion here - I'll definitely be filing 2005 returns.

dawade · #45 03-24-2005, 01:54 AM

Sorry for being a newbie about this, but I live in a state where online poker (or any gambling - but yet we have the lottery go figure) is illegal. I'm 18 years old and say I make $6,000 a year playing online poker next year at college - how can I report that on my income taxes?

mcozzy1 · #46 03-24-2005, 02:44 AM

The IRS doesn't care whether or not your activity is legal. They can't report you to anyone.

If you were a hitman and told this to the IRS, the couldn't report you. If you were a terrorist, they might break the rule though.

RustedCorpse · #47 03-24-2005, 11:44 AM

At what point are you below the radar would you guys guesstimate? Furthermore I've heard a considerable amount of people say that you can use OTB reciepts and casino ATM reciecpts to show substatiated loss, and such. Anyone know about the merit in this?

SamJack · #48 03-24-2005, 11:52 AM

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wow talk about out of context.

richard evaded paying taxes on $1,000,000, thats ONE MILLION DOLLARS.

the IRS isn't gonna come at me or any other college dependent for not paying taxes on some $10,000 that i made from internet poker.

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There is such a thing as a random audit...

SamJack

cardcounter0 · #49 03-24-2005, 11:59 AM

There has been a big push to do away with the income tax ever since 1913 when it was first adopted.
[img]/images/graemlins/grin.gif[/img]

SamJack · #50 03-24-2005, 12:01 PM

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There has been a big push to do away with the income tax ever since 1913 when it was first adopted.
[img]/images/graemlins/grin.gif[/img]

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Apparently, not big enough. In fact, many States and Local governments have decided to imposed additional income tax on their own...

SamJack