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#1
03-09-2004, 12:04 PM
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How Do you keep your records?
If audited, it will be imposible to prove your winnings and losses. The IRS could take your winnings for word, and then tell you that they are throwing out your losses. SO if you won 80,000 and lost 30,000, they can tell you pay tax on 80,000, and the rest is unprovable. How can you go about proving your winnings/losses on Internet Poker?
Will a normal spreadsheet do the trick? I print out all of my withdrawals, but that is useless, because you must track your records for every session, and my PT database has been full for a very long time.... Just curious as to your record keeping methods... 
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#2
03-09-2004, 12:29 PM
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Re: How Do you keep your records?
pokertracker + statking
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#3
03-09-2004, 01:50 PM
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Re: How Do you keep your records?
[ QUOTE ]
If audited, it will be imposible to prove your winnings and losses. [/ QUOTE ] It depends on what you mean by to "prove" and it turns out that the government might not require you to "prove" it. I think you just have to provide substantial evidence. I am under the impression that a database/spreadsheet that has daily sessions logged would be sufficient. The IRS would be able to look at that combined with your banking records, credit records, and capital and be able to tell for the most part if it's reasonable. Why are you so worried, and why are you posting all these tax related questions?
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#4
03-09-2004, 02:27 PM
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Re: How Do you keep your records?
To be honest, this is my first time ever filing a tax return and Im a little bit paranoid about the process.
Any gray lines for other people, are black lines for me; for instance, how can I calculate estimated payments without a prior return? How can I determine my professional status without being a long-term winner, ect. And then of course theres the issue of internet gambling and being under the age of 21.
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#5
03-09-2004, 06:30 PM
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Re: How Do you keep your records?
[ QUOTE ]
And then of course theres the issue of internet gambling and being under the age of 21. [/ QUOTE ] What legal age? As far as I know (which sure as hell ain't much), the 21 age limit is a state law, and the only government laws restricting gambling are specificly designed to nail organized crime (e.g. Wire Act). The Federal government don't give two sh!ts what state laws you are breaking, as long as they get their cut.
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#7
03-09-2004, 10:45 PM
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Re: How Do you keep your records?
[ QUOTE ]
To be honest, this is my first time ever filing a tax return and Im a little bit paranoid about the process. [/ QUOTE ] I'm in a similar boat (this was my first year filing with gambling earnings). I considered doing the research myself and preparing my own taxes, but was also somewhat paranoid as you appear to be. For a modest fee I was able to hire a professional to answer my questions, prepare my taxes, and get me set up for the coming year. Ask around your circle of friends and family, I'm sure you know someone that can give you a good reference on a CPA in your local area...if all else fails you can just grab the yellow pages and start dialing. Yeah, it may have been somewhat wasteful to pay for something that I could have done it myself, but man...carrying my records into their office, meeting with them for a half-hour and walking out with my questions answered and not having to worry about anything else sure felt good too. Something to consider, Jason
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#9
03-09-2004, 11:19 PM
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Re: How Do you keep your records?
[ QUOTE ]
Yeah, it may have been somewhat wasteful to pay for something that I could have done it myself, but man... [/ QUOTE ] No, I don't think that was wasteful. To me that was money well spent.
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#10
03-10-2004, 01:43 AM
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Re: How Do you keep your records?
[ QUOTE ]
Does a Pokertracker database become full? How many hands will it hold? [/ QUOTE ] 200,000 at the most....
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