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#31
11-23-2005, 03:23 PM
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Re: So what poker software would you like to see?
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[ QUOTE ] *sigh* Here we go again. You are taxed on your winnings, not your net gain. <font color="blue">In your federal taxes, you can claim your losses as itemized deductions.</font> In certain states, (like IL - my current state of residence) itemized deductions do not exist. In that case, you get taxed on your winnings only and just have to suck up your losses. So yes, if you win 100k and lose 100k, it seems like you break even. According to the IRS, though, you owe a shitload of money. [/ QUOTE ] I think this part isn't right -- your state may claim you owe that shitload, but the IRS lets you itemize the losses. They're really only interested in the net gain (this document seems surprisingly clear to me). [/ QUOTE ] Yes, you can deduct losses. No, they're not interested in the "net gain". [ QUOTE ] The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. [/ QUOTE ] 
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#32
11-23-2005, 03:27 PM
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Re: So what poker software would you like to see?
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The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. [/ QUOTE ] Wouldn't that just be my PokerTracker database? It also seems like it comes down to the vague definition of "gambling winnings". And what's considered a "session", etc. Ugh -- I don't this to turn into a Zoo-thread. I'm planning on hiring someone to do my taxes this year anyway so I'll just find out that way. [img]/images/graemlins/tongue.gif[/img]
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#33
11-23-2005, 03:30 PM
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Re: So what poker software would you like to see?
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Wouldn't that just be my PokerTracker database? It also seems like it comes down to the vague definition of "gambling winnings". And what's considered a "session", etc. [/ QUOTE ] Yup. FWIW, I just manually export my sessions from PT and keep an Excel file with a total for each day. I'm using those as "sessions". You're absolutely right that the definition is vague. I think the IRS would like to add up each hand you won and use that total as your "winnings", and then let you deduct the total you lost from each hand you lost. Now that would suck! [img]/images/graemlins/laugh.gif[/img] I'm sure we'll see more posts on this in the future. I just didn't want to let bad information get out there. And now I've derailed the thread. Go me! [img]/images/graemlins/laugh.gif[/img]
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#35
11-23-2005, 04:03 PM
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Re: So what poker software would you like to see?
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Crap! The software I would like to see most would be one that took information from the tables and imported them into an alternate user interface. This interface would be completely customizable -- you would no longer have to play on crappy Prima or Crypto or Crapoker.com software, but one software that looked however you wanted it to look. I pressed this idea to both Josh (creator of PA) and the software forum. It seems this idea does violate the T&Cs of just about every poker site. The one way they mentioned around this was to get permission to do it from each site. They are not optimistic about this prospect. [/ QUOTE ] That's actually a great idea. Basically you would have a poker playing interface (very customizeable to the user) and then somehow that interface would communicate/interactive with the standard site interface. This would allow you to have the exact same interface no matter what site you were playing at (assuming the interface program supported that site). Thus you could have a Full Tilt, UB, Stars, and Party tables all up at the same time and they would all look and function identically and the program would simply know which site it was and communicate the action to the real site client (assuming it's open in the background). Something along those lines? Odd this would violate the T&C, since you are not altering THEIR software, simply creating a program that goes between the user and it.
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