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| View Poll Results: Comedy (in alphabetical order) | |||
| Cheers |
   
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5 | 5.49% |
| Frasier |
  
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4 | 4.40% |
| M*A*S*H |
  
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2 | 2.20% |
| Seinfeld |
  
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47 | 51.65% |
| Simpsons |
  
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33 | 36.26% |
| Voters: 91. You may not vote on this poll | |||
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#11
08-22-2005, 08:25 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
No i would rather not get audited after failing obviously but if I already have unclaimed winnings in my bank account and then I start reporting now... during an audit they'd still go back and see I had unpaid for winnings and charge me fines, interest, and back taxes anyway.
With all these people playing online for high stakes.. alot of them being young 20 year olds ignorant about filing taxes, id love to know where they start at with this as well. 
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#12
08-22-2005, 08:27 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
Also, couldn't i just consider each "session" as the time between when my money is deposited into the poker account and when it is with drawn? They don't specify what a session is and if you documented your sessions this way it would keep your gross income from gambling down.... like instead of reporting earnings of 100k and losses of 80k and a 20k profit.. it would show up as a winning session of 20k since you deposited maybe $50 and with drew 20k and that was a session.
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#13
08-22-2005, 08:53 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
[ QUOTE ]
Also, couldn't i just consider each "session" as the time between when my money is deposited into the poker account and when it is with drawn? [/ QUOTE ] No. While they don't define session, there is anecdotal evidence from gamblers that have been audited that makes it clear this would not be acceptable. It is pretty clear that a session cannot be considered longer than a day...unless you are actually playing the entire time stretching more than one day. Acme
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#14
08-22-2005, 09:24 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
lol what if someone makes like 100k over the course of the year in gross earnings but loses 99k and has 1k profit. I've been reading around and it seems as though that person has to pay higher taxes (higher tax bracket) because of that 100k even though they only profited 1k for the year since theres only a certain % they can deduct as losses... if they even deduct. What happens to this type of person? Do they end up paying a large % tax on that 1k they won? What if a person cant even deduct or itemize or whatever it is... do they pay taxes on 100k even though they only made 1k? lmao, this whole thing is a joke. I've talked to two accountants and both gave me apparently horrible advice. Both said "Off the record, my advice is to not file, you're not making enough for them to audit you". Even though i've had transactions that could have been over the 10k threshold where banks report.. but I broke them into smaller cash outs. Now wtf do i do... what happens if i just report my profits only? When I get audited do i still get the same penalties for someoen who didn't report anything at all? Might be easier to just move to europe :/ Oh but wait, i hear USA citizens are still accountable for any income even when in another country, great. This bites. I've got money that I havent been keeping records for and don't know how to report.... I can't be the only person in this situation. It's stressing me out.
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#15
08-22-2005, 09:43 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
Yea basically I've got the same situation. I've accumulated money that I haven't been keeping track of and I have no idea how to report it. I am with the group of "ignorant" 20 year olds and have just been recently looking this stuff up.
Adding up each session then itemizing the losses sounds like such a bad way to do this. I've also read that this can severely inflate my income and move me up several income brackets. I will just have to hear what more people have to say. I'd like to report my winnings because I'm not a fan of severe penalties or jail time. I am considering making substantial side money playing poker in addition to my job income and by then I will more or less have to report my winnings.
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#16
08-22-2005, 09:59 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
I pay taxes on everything online (because it is traceable if it ever gets that far), but nothing on my live play.
TT [img]/images/graemlins/club.gif[/img]
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#19
08-22-2005, 10:13 PM
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Re: Who Pays Taxes on Poker Earnings? (POLL)
What about the one guy who got in trouble for not reporting winnings? I'd like to hear your story if possible? I don't know if I'm being nosy or looking for useful information, but i'm just curious. By the way, wildone's post sounds almost like sarcasm, but i'm sure there are plenty of people with that thinking.
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