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  #1  
Old 01-04-2005, 03:37 PM
QTip QTip is offline
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Default Taxes

Just finished reading the new first year of poker post by balkii. I'm wondering how everyone is handling the tax issue. I'm sure everyone's going to post "I'm not paying taxes"...however, I'd like to hear some thoughts on this.
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  #2  
Old 01-04-2005, 03:44 PM
Grisgra Grisgra is offline
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Default Re: Taxes

[ QUOTE ]
I'm sure everyone's going to post "I'm not paying taxes"...however, I'd like to hear some thoughts on this.

[/ QUOTE ]

Rather, I'm expecting a barrage of posts noting that you must pay taxes and that the IRS will hunt you down and eat your children if you don't. Or find out you're a tax cheat if they audit you, whichever [img]/images/graemlins/smile.gif[/img].
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  #3  
Old 01-04-2005, 03:46 PM
jasonHoldEm jasonHoldEm is offline
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Location: Easton, MD
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Default Re: Taxes

I'd say the large majority of us pay taxes on our winings. Online poker leaves a pretty easy to follow paper trail and if you were to be audited you'd be screwed.

Personally, I work with an accountant and consider it money well spent.

J
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  #4  
Old 01-04-2005, 04:51 PM
jujujaja34 jujujaja34 is offline
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Join Date: Jul 2003
Posts: 62
Default Re: Taxes

[ QUOTE ]
Online poker leaves a pretty easy to follow paper trail and if you were to be audited you'd be screwed.


[/ QUOTE ]

Not NECESSARILY true with regards to an "easy to follow paper trail"...it completely depends on how you're depositing money and how you're withdrawing money.

Also, it really depends how you mean "screwed". Theirs obviously a huge distinction between penalties and jail time.

jujujaja34
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  #5  
Old 01-04-2005, 09:54 PM
ChoicestHops ChoicestHops is offline
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Join Date: Dec 2004
Location: Little Rock
Posts: 341
Default Re: Taxes

Just pay your taxes. Why piss them off where they may resort to ban online gambling.
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  #6  
Old 01-05-2005, 10:32 AM
Gambit Gambit is offline
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Default Re: Taxes

I have a tax question that I have not seen addressed (I did attempt a search first, so apologies if I missed it).

I plan on reporting my poker earnings and losses on my taxes. I play *almost* exclusively online, that's the heart of the issue. For my online winnings, I have a spreadsheet detailing a history of my balance at each site, as well as data from PokerTracker. If I need to back track, I can produce a transaction history from NetTeller as well as from the individual sites. In addition I have transactions recorded in my checking account.

However...

I also have three B&M card room sessions this year, which all happened to be losing sessions. [img]/images/graemlins/frown.gif[/img] I have no physical records of these sessions or even an exact recollection of the dates. They were all low-limit games and I'd guess the total losses in these sessions is less than 10% of what I won (net) online.

1. Can I (should I) include these B&M losses along with my online losses although I have no hard documentaion on them? (I am about 95% sure on the amounts, and 99% sure I could find the exact date by checking my email, calendar and other clues)

2. Probably more importantly, going forward for the new year, will card rooms typically give you a receipt if you ask when you buy in or cash out? (sorry if this is a stupid question)

Thanks for any insight.
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  #7  
Old 01-05-2005, 12:48 PM
John Deere John Deere is offline
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Default Re: Taxes

You absolutely should claim those B&M losses. I believe that, according to the IRS (it is listed in the full documentation for your tax forms), the "proof" required is a daily log in which you track yours wins and losses. If you already have a spreadsheet in which you do this for online play, simply add the three entries for your B&M sessions. (Perhaps make a note in an auxiliary column of the casinos and, err, the tables, where you played.)
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  #8  
Old 01-05-2005, 01:15 PM
Felix_Nietsche Felix_Nietsche is offline
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Join Date: Sep 2004
Posts: 208
Default Ban: Online Gambling? Hah!

The World Trade Organization has already ruled against the USA latest attempt to stop overseas sponsored internet gambling.... This ruling occured about a month or two ago.... No need to spread unfounded rumors...
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  #9  
Old 01-05-2005, 02:02 PM
bookie socks bookie socks is offline
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Posts: 61
Default Re: Taxes

I was thinking the internet gambling sites are located offshore in other countries and you wouldn't have to pay taxes to the USA?
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