Pokerdb and the IRS

[Lloyd]

I'll leave the post here since MTTers have responded. There really isn't a "right" place for tax posts. They usually find their way to Internet, sometimes Stock Market.

[MrBrightside]

it's kinda funny, but the bizzaro way they do this, combined with the bizzaro way my state (oklahoma) does income tax makes it worthwhile to do claim my winnings.

Here's the deal: I was in the black about 1K last year. But that was like 5K winnings and 4K losses (entry fees) I don't play very much obviously (a few nights a week at low levels). Anyway, OK has this weird thing that if you don't itemize federal (you take the standard deduction, which was about $9,000 if I recall last year for married) you get the "state standard" which is like 1K per dependent (like 4K), so you have 5,000 more in taxable income for the state.

Because OK has cheap houses, I don't make the itemize levels unless I have extra stuff like donate a car to charity or something. But there have been times where I itemized the federal for LESS than the standard, because it saves me so much money on the state tax. But, with gambling income going on 1040, but losses on the itemized, this gay way of doing things federal makes up for the gay way my state does it. I get this deduction, which let's me itemize, which let's me save on state tax.

The moral of the story? Learn your tax laws and how they apply. By being a "good citizen" and paying taxes on my gambling winnings, I actually SAVE money on taxes (the extra $$$ I pay for fed, is more than made up for with the state).