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#51
03-09-2005, 02:58 AM
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Re: When are internet poker earnings taxable income?
[ QUOTE ]
They are taxable when you drag the pot. EDIT: well, actually when you stand up from the table. according to most people anyway. [/ QUOTE ] When your "Net" winnings!! is $600 or more. Ask your profesional Tax preparer. 
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#52
03-09-2005, 01:14 PM
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Re: When are internet poker earnings taxable income?
I believe you are wrong
Or are you talking about issuing a W2-G?
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#53
03-10-2005, 02:30 AM
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Where to start???
Does anyone have any input in regards to this situation: One of my friends just graduated college and decided not to get a real job and just play poker. He has played very successfully for 3 years while in school, but did not record/report his earnings for that time period. Will it raise a red flag if he files as a professional player this year? Does the IRS have a policy of investingating people who "all of a sudden" make a lot of money playing poker professionally? What would you recommend my friend do in this situation?
I would really appreciate any responses, some of you are much more knowledgeable about this than either of us. - Jags
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#54
03-10-2005, 03:24 AM
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Re: Where to start???
Obviously the 'right' thing for him to do is just back his back taxes. [img]/images/graemlins/smile.gif[/img]
I'd guess that filing as professional while never before declairing gambling winnings should get some attention from the IRS but I really don't know anything as a fact. The real question is if the IRS is going to decide to look into your friend's financial records for the past few years or not...
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#55
03-10-2005, 05:42 AM
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Re: Where to start???
[ QUOTE ]
The real question is if the IRS is going to decide to look into your friend's financial records for the past few years or not... [/ QUOTE ] This makes sense, but he's kind of banking on the fact that it doesn't look too odd for a kid to be broke while in college and then experience a huge upswing in income the year after he graduates. But if the IRS is going to make it a policy to ivestigate every poker player's past history the first year they file as a pro, then he may be in trouble. Thanks a lot for your input. Anyone else care to chime in? - Jags
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#56
03-10-2005, 02:33 PM
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Re: When are internet poker earnings taxable income?
When are internet poker earnings taxable income?
...when you report it.
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