taxes

[mistrpug]

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id really love to hear from u guys about this bc my dad is buggin over the money i am making and the tax issue.


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Online Poker Tax Info

Be particularly careful about documenting each session you play and don't be tempted to subtract your losses from your winnings--you have to take your losses as itemized deductions!

If you look closely, I'm sure that you'll find that though you are cashing out $1k a month, you are actually seriously in the red if you do your taxes correctly.

Your Dad is very right to be concerned about the tax implications of your online poker play. It is very very hard to do your taxes according to the law as a non professional and make any money.

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How is this possible? It seems pretty ridiculous.

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That's because it is ridiculous. You will only lose out on the standard deduction. Since you will be able to have other deductions like state and local taxes, by the time you're done you might end up losing a little bit of money you would have had from your other income, but that's more than compensated by the $1000 a month you're bringing in.