How much money should I keep online?

[kagame]

im assuming you could have a losing year and write it off against income from other sources (investments?)

rakeback = income also i suppose

not sure why this all pisses me off so much, but it really doesnt seem like an equal tradeoff between players and the govt

it isnt even considered a game of skill yet

[Jeffage]

Gambling losses can only be deducted to the extent of gambling wins, not against other income. Period.

Jeff

[kagame]

i just looked it all up, this is sickening

even when you declare professional status its still evil

at least i can write off ciaffone's books and 50% of food expenses

*sigh*

[not_da_nizzles]

Y'all should move up to Canada eh! No tax on the poker winnings and any tax paid while on a vacation to the US playing poker can be refunded after filling out a few forms (talk to your accountants).
[img]/images/graemlins/grin.gif[/img]
mj

[THATWACOKID]

what if i set up a bank account in canada?

[imported_bingobazza]

[ QUOTE ]
what if i set up a bank account in canada?

[/ QUOTE ]

Or if you're really clever, move to another country with a double taxation agreement with the US and zero tax on gambling winnings and play happily ever after...legally paying no tax, as you are already deemed to have paid it in your adopted country...even though its zero.

Bingo

[snappo]

Does anyone know the viability of setting up a Swiss bank account and cashing out directly from the offshore poker site to the Swiss bank account? There would be no way for the US government to trace this. I realize that even if possible, it would be very tedious and whatnot. I'm just curious as to whether it is possible.

[imported_bingobazza]

Its pretty easy with $25000...ditto for most offshore financial centres. Getting it back onshore will be a bit of a bugger tho.

Bingo

[THATWACOKID]

set up the bank account in swiss.

bring a briefcase to swiss.

put all the money in the briefcase.

go home.

[imported_bingobazza]

[ QUOTE ]
set up the bank account in swiss.

bring a briefcase to swiss.

put all the money in the briefcase.

go home.

[/ QUOTE ]

Welcome to Shawshank.

Bingo