poker n taxes

[treeofwisdom7]

hey i was just wondering if the goverment can track poker income in any way.. has anyone gotten in trouble for poker profits?

[eric5148]

Wrong forum, n00b.

[deacsoft]

[ QUOTE ]
has anyone gotten in trouble for poker profits?

[/ QUOTE ]

Not me. Because I know that the goverment can track poker income.

[brassnuts]

[ QUOTE ]
IRS notified In a moment you will be automatically returned to the forum.

[/ QUOTE ]

[deacsoft]

[ QUOTE ]
[ QUOTE ]
IRS notified In a moment you will be automatically returned to the forum.

[/ QUOTE ]

[/ QUOTE ]

Nice work. [img]/images/graemlins/smile.gif[/img]

[treeofwisdom7]

if i actually had a poker income i would worry.

[treeofwisdom7]

[ QUOTE ]
hey i was just wondering if the goverment can track poker income in any way.. has anyone gotten in trouble for poker profits?

[/ QUOTE ]

can someone give me a link to a post that might help. if i do make money i would love to pay taxes to keep the irs out of my hair.. i just have no idea how to do it or what to do.


can someone refer me ?
thankx

[tomdemaine]

Here

or even

here

[Kurn, son of Mogh]

1. Keep accurate records
2. Report the sum of all winning sessions as *other income* on form 1040.
3. Report the sum of all losing sessions as an itemized deduction on Schedule A.
4. Calculate your tax the usual way. Pay what you owe.
5. Save your records in case you're audited.

Do this and you'll be fine.

Remember, you cannot simply report the net of your wins and losses as income. That is expressly forbidden by IRS Publication 529.

The IRS is a federal agency. There are no federal laws against internet gambling, Gambling is subject to Stste laws. The IRS will not rat you out for violating any state laws (their job is to collect money).

If you want to know what your State laws are regarding gambling, go here.

[IndieMatty]

Wow. Linked to Oddjack.

http://oddjack.com/