Poker Stars Wsop Seats

[H_Factor73 2]

Dude. We're not on the same page here or something. I was presuming that the 10G was winnings from another tournament. If you take that 10 G and enter the ME and "win" $40,000, then your net winnings are $50k. That's pretty simple. But go ahead--file your taxes your own way.

OK. Forget winning your seat.You buy into the Main Event for $10,000.You Cash. They give you $40,000.How much money have you won?$30,000. When you report gambling income to the IRS you put $40,000 in the box that says winnings and put $10,000 in the box that says losses.If you report it any other way, you are either giving the IRS too much money or you're not filing correctly.

[jbage007 0]

OK. Forget winning your seat.You buy into the Main Event for $10,000.You Cash. They give you $40,000.How much money have you won?$30,000. When you report gambling income to the IRS you put $40,000 in the box that says winnings and put $10,000 in the box that says losses.If you report it any other way, you are either giving the IRS too much money or you're not filing correctly.

Right, except that you've won $40,000, not $30,000. That's exactly why your explanation of reporting IS correct--because that represents your winnings, $40,000. Business 'expenses' may make the net winnings lower--same theory as gross vs. net income, really. In your mind, you may be "up" 30k, but your winnings are still 40k. Remember in one of those other messed up threads, where I mentioned the possibility that you "won" the buy-in of 10k in 2006, but then you went and played ME and won $40k in 2007? In that situation, you have a ZERO deduction available in 2006, and a ZERO deduction available in 2007 (assuming you had no other poker expenses or winnings in either year of course). This is one of the main reasons it is important NOT to segregate things out so much, 'cuz it can sure come back to bite ya.Here's another reason--you have to be able to ITEMIZE deductions in the first place in order to get full "benefit" of your "losses." Now, if you have losses in excess of the applicable standard deduction, you'll likely be ok to itemize that year--but if your "losses" consist of nickel and dime amounts--that add up to less than the standard deduction--then you still have NO DEDUCTION, even though all of those "losses", i.e. entry fees were paid in cash from your own pocket and not "won" from a satellite in the same tax year.POINT IS THIS--there's just a lot more hoops to jump through other than here's what I paid and here's what I won.

[H_Factor73 2]

I give up.Either you're f-in with me or you are more retarded than George Bush.

[jbage007 0]

dude,I'd never mess with an aspiring screenwriterprint this stuff out and take it to your H&R Blockhead tax guru. you'll see that I'm 100% correct, and so are you.

[chrozzo 19]

i loove this threadok im lying, i dont really

[Ron_Mexico 4,219]

See, this is why I lose at online poker. Less hassle.

[EStormOk 0]

As Mark said, whether it be bowling, checkers or poker, if you win money and are itemizing your taxes you can count all expenses that are directly related to the event in which you won the money as a deduction (and you must claim the winnings). I have faced this with bowling events in the past and have had every accountant tell me the same thing and I have used about 4 different ones.