digitalmonkey 929 Posted July 11, 2007 Share Posted July 11, 2007 What's a Canadain? Link to post Share on other sites
Untilted 158 Posted July 11, 2007 Share Posted July 11, 2007 I actually do tax returns for several part time pros. If your projected winnings from poker is under $ 10,000 for the year and you have no other significant income ( I am assuming this is the case because you are a student ) then I would not pay any estimated taxes. If your poker winnings is between $ 10,000 and $ 25,000 , I would make an estimated tax payment of 20% now if you don't like the liability hanging over your head. But you can also pay it next April 15th without penalty because you probably had little or no income tax the prior year ( another student assumption). If the # is over $ 25,000, get yourself an accountant. The rules are also quite different if you are a professional gambler. If you are an amatuer, you can not deduct losses directly from your winnings. Link to post Share on other sites
KHSPoker21 0 Posted July 11, 2007 Author Share Posted July 11, 2007 I actually do tax returns for several part time pros. If your projected winnings from poker is under $ 10,000 for the year and you have no other significant income ( I am assuming this is the case because you are a student ) then I would not pay any estimated taxes. If your poker winnings is between $ 10,000 and $ 25,000 , I would make an estimated tax payment of 20% now if you don't like the liability hanging over your head. But you can also pay it next April 15th without penalty because you probably had little or no income tax the prior year ( another student assumption). If the # is over $ 25,000, get yourself an accountant. The rules are also quite different if you are a professional gambler. If you are an amatuer, you can not deduct losses directly from your winnings.Confirmation I was looking for. thanks man Link to post Share on other sites
jayvegas420 0 Posted July 11, 2007 Share Posted July 11, 2007 Sure would be ideal if you could write off your losses in Canada!!!Can you do this in the States, I assume you can if you can claim your winnings? Link to post Share on other sites
ajs510 122 Posted July 11, 2007 Share Posted July 11, 2007 What's a Canadain?A former resident of Denmark now living in Toronto. Link to post Share on other sites
finztotheleft 0 Posted July 11, 2007 Share Posted July 11, 2007 Confirmation I was looking for. thanks manYou know he said that you do not have to pay an estimated tax now, not that he recommended not paying taxes on your winnings next April, right ? Link to post Share on other sites
KHSPoker21 0 Posted July 11, 2007 Author Share Posted July 11, 2007 not for the "under 10,000" suggestion Link to post Share on other sites
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