need advice from college students - Page 3

Reef · #21 09-08-2005, 03:31 AM

[ QUOTE ]
[ QUOTE ]
If the income is a problem, leave the money in the poker accounts. You'll never get in trouble for this. When u no longer need to have a low income, then withdraw it and pay taxes.

[/ QUOTE ]

Wow. I didn't know this. I just assumed I'd have to pay taxes on whatever i made. Thanks

[/ QUOTE ]

I'm basically just gonna report <font color="white">most or</font>
all of what I withdraw from neteller
/party to my checking account.

pzhon · #22 09-08-2005, 09:39 AM

Financial aid is for people who can't afford to pay. If you are earning a lot, you don't deserve financial aid. It should go to someone else. Don't hide your income even if you think you can probably get away with it.

While you are a student, you are eligible for heavily subsidized loans that you can pay off much later when you are making a lot more money. If you can't get financial aid, take advantage of those loans to the full extent possible. They are a great deal, and you won't be doing anything fraudulent.

NiR · #23 09-08-2005, 12:54 PM

easy solution to that. dont report. i make about 2k/m and i still dont report. am i stupid ? i have no idea. but i dont think u should report. we are poor college students and my losses are considered as "Taxes". also the rake.

FishInAPhoneBooth · #24 09-08-2005, 01:06 PM

It is quite simple really. Don't you remember all the money you lost at your local B&M casino right after you cashed out online? If only you would have kept it online...

SoCalRugger · #25 09-08-2005, 01:10 PM

[ QUOTE ]
easy solution to that. dont report. i make about 2k/m and i still dont report. am i stupid ? i have no idea. but i dont think u should report. we are poor college students and my losses are considered as "Taxes". also the rake.

[/ QUOTE ]
Not reporting 24k/year in income? Yeah, it's pretty [censored] stupid and will probably come back to haunt you at some point.

Tilt · #26 09-08-2005, 01:15 PM

So let me get this straight...

You want the various governments and donors to your institution to continue to both loan and give you money even though you have enough from poker winnings which you earned while neglecting your studies?

Your major isn't ethics, is it?

juris · #27 09-08-2005, 01:37 PM

[ QUOTE ]
"so he just kept his monye in poker websites and didn't report it? is this legal? i dont want to get in ttrouble with the IRS"

It's not legal not to report it but they can't find out, especially if you keep it in the pokersites. Just report in when you're out of school. Pull it out gradually over 2-3 years if you think it looks fishy, but unless it's over 200kish it's not gonna be a problem. I'm just guessing here.

-Michael

[/ QUOTE ]

Honestly and with respect to a long time poster, this is honestly the worst advice possible for this situation.

It's taxable now. There are things that could be done, but they're illegal and I'm not going to recommend those options. Anyone telling you to defer or they won't find out is just not giving good advice.

stillbr · #28 09-08-2005, 02:12 PM

I'm a college student aswell, and this is the first year I've made a substancial amount of $ playing poker. One thing I've alwasy thought about is lets say I made 20k online, and lets say I (falsely) lost 15k playing home games and casino games. What keeps me from now reporting only 5k in my income? There is no way anyone could ever find out about homegame or casino losses right?

Recliner · #29 09-08-2005, 02:42 PM

The IRS may decide that you need to prove that you lost the money in homegames which would require you to bring forward people that you lost to. Have fun with that.

Anyways, as I was searching the internet today looking for an accountant I found these interesting links.
Poker and Taxes

The IRS knows about internet poker

crunchy1 · #30 09-08-2005, 03:06 PM

[ QUOTE ]
Technically, as others stated, u need to report it all. But this solution has essentially no risk as there is no record of the money and sites dont send account balances to the IRS. This is a solution, if u think its immoral, do what you want. I for one am not upset by it.

[/ QUOTE ]
The sites DO keep records of how much you 'take to' and 'leave with' from the table. If the IRS asks you to provide those records - you're going to have to do so. It's pretty stupid to think that you can put the responsibility on the poker sites. Just because they're not reporting to the IRS doesn't mean that the records aren't there. It also doesn't mean that if the IRS asks YOU for them that you can continue to evade.