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Old 12-15-2005, 05:52 PM
Drontier Drontier is offline
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Join Date: Mar 2005
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Default Clarifications about Tax

I have read many of the tax articles on here, and I just wanted to clarify some things.

1) We only have to pay taxes if our net winnings for the year is over 10k.

2) We only have to pay taxes if our net winnings (after deductions of "poker expenses") is over 10k.

3) A tax year runs from Jan 1 to Dec 31.

4) Since I am 19, and "gambling" in US law isn't of legal age yet, but I play on party where age 18 and up is ok I still have to pay gambling taxes?

5) My bank account has crossed the 10k mark this year. but I have not won a net of 10k, because I went on a -4.2k downswing shortly after. I have to/don't have to pay taxes?

Thanks to anyone that knows about these things. I have been reading the old tax articles a lot, and I seem to still be confused about these.
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