Quick Tax poll (not whether or not you're paying)

[RikaKazak]

well,
I used to be a day trader, and yes, it is by EVERY stock buy and sell, sometimes that means 20 transactions in a single day.

[SomethingClever]

[ QUOTE ]
365 days to me

[/ QUOTE ]

I've been warned against this for several reasons.

Of course, it would make the most sense.... to just report the amount you actually won and pay taxes on it.

If only the IRS saw it that way.

[RikaKazak]

seriously man, no way the IRS can tell how much you play and when, I'm making it just 1 payment and saying I just got "lucky" That way I claim "gambling" and not self employment. ALSO, if you need to be claimed for self employment for say a home loan, just get a letter from a CPA (easily obtained for $100) that says you've been self employed for 2 years.

[DarkKnight]

[ QUOTE ]
I think #2 would have to be appropriate. Reporting on a session by session basis would be really cumbersome and unrealistic (I'm sure day traders don't report income every time they sell a stock at profit).

[/ QUOTE ]

Actually they do

[TheMetetron]

Neither, professional, so I lump it.

[TStoneMBD]

hi, wrong. the irs can ask you to give them your party poker password and when you do, they can login to your account and check the status of all your poker activity. if you havent yet noticed, party tracks every dollar that you take from each table to the next.

[teddyFBI]

[ QUOTE ]
hi, wrong. the irs can ask you to give them your party poker password and when you do, they can login to your account and check the status of all your poker activity. if you havent yet noticed, party tracks every dollar that you take from each table to the next.

[/ QUOTE ]

Cite your source for this.

[TStoneMBD]

well my source for the irs being able to ask for your party password actually came from a low count poster from the the internet gambling forums. of course he could have lied.

he said that his friend was audited by the irs and that they asked for his party poker password. he refused to give it to them and was penalized for it. he may have been lying but it seems extremely reasonable for the irs to ask you for your password. why wouldnt they?

if you dont know about party tracking every dollar you take from each table you can check your own stats on this.

go into party. click my account -> go to my account website. once youre there click view the activity of your account.

[TeeJayORTj]

Note: Your Account Activity information would be available only for a period of 30 days from the date you last logged in. You can view 3 days of account activity information at a time.


Thats what it says on the bottom of the page. Go try to get account activity for October...you can't.

[TStoneMBD]

oh ok. my bad, i didnt realize that. thanks for clarifying.