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#51
09-11-2005, 11:49 AM
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Re: need advice from college students
[ QUOTE ]
Yes, the poker sites record your results now. But go to Party and try to find your record from a year ago. Its gone. When you are audited, only your past year returns can be audited. When IRS asks you to provide records from the site for the past year, how are you going to do it if the record is not accessible to you? [/ QUOTE ] Because it's your responsibility to keep/provide them! So, when you tell them the $200k that suddenly appears in, say, 2008 was all made in that year, and that you had only been making $4k a year up to that point, they are going to ask you for the *current* years records showing your $200k in wins. What are you going to tell them, that you can't even provide your session results for the current year? 
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#52
09-11-2005, 11:54 AM
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Re: need advice from college students
Baron,
Don't stress about it too much. You can start over with a sub-$1k bankroll and be back playing 10/20 or higher in a months time. Take care of your legal responsibilities first and foremost so that these things do not come back to haunt you in the future. You are going to be setting yourself up for a neverending cycle of lies with the IRS which will cause you way more stress than just spending the money you've earned thus far. Nigel
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#53
09-11-2005, 01:47 PM
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Re: need advice from college students
[ QUOTE ]
Your post is the stupid one. $4000 = nothing. Stop trying to make yourself feel important. Don't declare anything, try winning first. [/ QUOTE ] Another [censored] moron. I said last year. You think I would be worried if I was only making 4K this year?
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#54
09-11-2005, 01:50 PM
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Re: need advice from college students
Thanks Nigel, possibly the first non-retarded post in a while. Yeah, as far as that goes, I'm going to do whatever the accountant says---if he says to report it all and I end up having to pay 10K a quarter, I'll just have to play that much better to maintain my bankroll around that level. And even if it happens that I lose most of my bankroll, I'll just rebuild it (alobar style).
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#55
09-12-2005, 05:43 AM
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Re: need advice from college students
Seems to me that some of the posters in this forum have double standards concerning etchical questions.
They say that collusion is wrong because it is stealing money from the other players(as they should). And then again they say that it is not wrong to report all your winnings because you will not get caught?!? Not reporting is just like stealing from goverment/university.
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#56
09-13-2005, 11:57 AM
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Re: need advice from college students
[ QUOTE ]
[ QUOTE ] Yes, the poker sites record your results now. But go to Party and try to find your record from a year ago. Its gone. When you are audited, only your past year returns can be audited. When IRS asks you to provide records from the site for the past year, how are you going to do it if the record is not accessible to you? [/ QUOTE ] Because it's your responsibility to keep/provide them! So, when you tell them the $200k that suddenly appears in, say, 2008 was all made in that year, and that you had only been making $4k a year up to that point, they are going to ask you for the *current* years records showing your $200k in wins. What are you going to tell them, that you can't even provide your session results for the current year? [/ QUOTE ] I went and checked Empire sessions log. Its worse than I imagined. It only goes a month back. But ofcourse you are correct. If one has 200k sitting on the site doing nothing undeclared and untaxed, one is a total financial idiot and the IRS is going to take the whole lot and then make sure the fool never has a bankroll for anything above 1-2
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