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#1
05-04-2005, 04:13 PM
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Question about taxes (haven\'t kept track of sessions for 4 months)
I started playing in January but haven't kept track of my sessions for tax purposes till now. Can I just say what my total gross winnings were for the first 4 months, and will the IRS be ok with that? Or should I fudge the numbers and make it look like I was tracking each "session?"
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#2
05-04-2005, 05:04 PM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
[ QUOTE ]
I started playing in January but haven't kept track of my sessions for tax purposes till now. Can I just say what my total gross winnings were for the first 4 months, and will the IRS be ok with that? Or should I fudge the numbers and make it look like I was tracking each "session?" [/ QUOTE ] Well, when you report at the end of the year, it won't be broken up into months or sessions, it will just be one big 'winnings' total and one big 'losses' total. Your journal won't be required unless they ask you to document these totals. I wouldn't try making a 'fake' journal, but just keep a good one starting now and try to estimate the win/loss numbers from the first 4 months the best you can. Don't lie to them, just tell them how it happened.
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#3
05-04-2005, 05:08 PM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
Try to estimate it. You are not required to submit your records when you file your taxes, you only need the records if you get audited. On the small chance that you do get audited, just be honest. If you have 8 months of honest records, you'll probably be fine.
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#4
05-04-2005, 05:15 PM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
Last year I only made a couple hundred of dollars so I didn't report it. This year however, I've been doing better and started bonus whoring and made close to 6K in the 1st 4 months. Now I keep track of my daily wins and losses as a whole because I play on mutiple sites everyday. Is it enough just to keep track on win/loss per day?
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#6
05-04-2005, 08:38 PM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
What surprises me about this thread, is that it seems there are so many people that have NO IDEA how much they are winning or losing. Even if you don't track hands, sessions, days, weeks, months, whatever, you would think you would be able to tell generally how much you have won or lost at online poker. To hell with tax purposes (although it is important) you should know for your own sake.
This truly amazes me.
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#7
05-05-2005, 12:04 AM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
So I figure this is a good place to ask this question.
So, next year, when I have to pay taxes on this crap, will I have to report all the money tied into poker rooms? Do I have to pay taxes on my bankroll I guess is what I'm asking. Oh, and I only have a sheet of paper that says the date and amount of money I took out of neteller to my bank account. This is pure profit I guess. Do I only need to report that? Is that a good enough record?
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#8
05-05-2005, 12:17 AM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
[ QUOTE ]
What surprises me about this thread, is that it seems there are so many people that have NO IDEA how much they are winning or losing. Even if you don't track hands, sessions, days, weeks, months, whatever, you would think you would be able to tell generally how much you have won or lost at online poker. To hell with tax purposes (although it is important) you should know for your own sake. This truly amazes me. [/ QUOTE ] I lost track along time ago of the exact amount I was making....FWIW it Would be between 30k-40k now, hooray no Gambling Tax in Australia. I realise I should have a better system, but I just manage my bankroll and make cash outs when I want some cash....
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#9
05-05-2005, 09:02 AM
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Re: Question about taxes (haven\'t kept track of sessions for 4 months)
[ QUOTE ]
So I figure this is a good place to ask this question. So, next year, when I have to pay taxes on this crap, will I have to report all the money tied into poker rooms? Do I have to pay taxes on my bankroll I guess is what I'm asking. Oh, and I only have a sheet of paper that says the date and amount of money I took out of neteller to my bank account. This is pure profit I guess. Do I only need to report that? Is that a good enough record? [/ QUOTE ] You don't have to pay taxes on bankroll per se, but you do need to pay it on all winnings. Just reporting your profits is not enough. You need to declare winning sessions as income and deduct losing sessions. Search the forum for tax threads. They should be a big help to you.
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