Naked_Cowboy 0 Posted January 20, 2009 Share Posted January 20, 2009 IRS will not view you as a professional poker player. I had a CPE course where somene said to the IRS agent "I prepare taxes Jan-April and play poker May-Dec, I can not file as a poker player?" IRS agent said nope.Naked Cowboy, you're pretty good!thanks, i took the REG section of the cpa exam a little over a week ago. i would hope i'm pretty fresh Link to post Share on other sites
MikeJohnson724 0 Posted January 20, 2009 Share Posted January 20, 2009 Orly? I have passed FAR, I take BEC at end of February! PM ME If you ever need an accounting job here in Vegas! Link to post Share on other sites
KentuckySlim 0 Posted January 20, 2009 Share Posted January 20, 2009 Orly? I have passed FAR, I take BEC at end of February! PM ME If you ever need an accounting job here in Vegas! FAR and REG are the toughest...AINEC. BEC will be a breeze. No sims!Lots of CPAs (or future CPAs) on the forum.Don't go into public...trust me... Link to post Share on other sites
MikeJohnson724 0 Posted January 20, 2009 Share Posted January 20, 2009 LOL. BEC is easiest, that's why I am taking it during tax season. I am in public and have been or almost 2 years. Link to post Share on other sites
Naked_Cowboy 0 Posted January 20, 2009 Share Posted January 20, 2009 i already did 3 busy seasons big 4 and moved on. i only have BEC left assuming i passed REG. passed audit and FAR first try so i'm hopeful. my non-public job is about 13,000% better. i would way rather do what i do in vegas but having just bought a house and with a 12.5 week fetus at home i don't think it would be a popular decision would be hard to find an accounting job as good as the one i have now though. Link to post Share on other sites
akoff 0 Posted January 20, 2009 Share Posted January 20, 2009 love my CPA, she shoots down some of my greatest ideas and reminds me it is her job to keep me out of jail!! Hot to!! never hurts below funny CPA storyMe and two friends heading to Borgata one saturday afternoon. My buddy calls call my CPA (his to) and asks to come along. She whows up in Tight jeans wear these great F*** me boots it worked. We are used to seeing her look professional..LOL So I am playing 2/5 and having a prety good night. I was up maybe 3 buyins or so and she comes looking for me in the poker room. She watches me for a little, bit how are you doing talk and heads back to the black jack pit. The guy on my right watches her leave and says "your wife" i say "no my accountant" he looks kind of confused and says "how much are you planning on winning" LOL most of table thought it was pretty damn funny! Link to post Share on other sites
Sheiky 0 Posted January 20, 2009 Share Posted January 20, 2009 To all the Pro's out there, if you're willing to say, how much of your overall winnings do you declare to the IRS? I would imagine that with the nature of poker it wouldn't be very hard to only report half your overall profit for a year without too many alarm bells ringing. Though I have no real idea of any stipulations regarding this, Link to post Share on other sites
Napa_Don 688 Posted January 20, 2009 Share Posted January 20, 2009 Orly? I have passed FAR, I take BEC at end of February! PM ME If you ever need an accounting job here in Vegas! What about hooking me up with a summer internship? Link to post Share on other sites
tuckermitchell 1 Posted January 20, 2009 Share Posted January 20, 2009 I have another tax question that has nothing to do with poker if one of you accounting geniuses would have a second to answer. I'm a turbo tax guy and just need one thing I'm confused about to be answered. Link to post Share on other sites
Naked_Cowboy 0 Posted January 20, 2009 Share Posted January 20, 2009 I have another tax question that has nothing to do with poker if one of you accounting geniuses would have a second to answer. I'm a turbo tax guy and just need one thing I'm confused about to be answered.AIM me. it's in my profile. Link to post Share on other sites
Gallo 1 Posted January 20, 2009 Share Posted January 20, 2009 If you pay a monthly membership for PokerVT or PXF or another poker site like that, you can count this as an expense when doing taxes, correct? Link to post Share on other sites
NoSup4U 0 Posted January 20, 2009 Share Posted January 20, 2009 If you pay a monthly membership for PokerVT or PXF or another poker site like that, you can count this as an expense when doing taxes, correct?I know you can for sure if you file as a professional gambler. If not, then I'm not sure.Mark Link to post Share on other sites
The Lobster 0 Posted January 20, 2009 Share Posted January 20, 2009 I know you can for sure if you file as a professional gambler. If not, then you cannot.MarkFYPBTW, this is a nice, relatively cheap, little guide to taxes in regards to playing poker. It won't file your taxes for you or anything, but it covers all the basic ?s.http://www.amazon.com/Turn-Your-Poker-Play...5761&sr=8-1 Link to post Share on other sites
Sparkywins 0 Posted January 21, 2009 Share Posted January 21, 2009 Imagine not having to worry at all about taxes, like instead of taxing income, taxing consumption. Not only would you not have to worry about what to claim with your poker winnings, but you wouldn't have to worry about claiming anything and April 15th would be just another day. That's the Fairtax! Link to post Share on other sites
WallstreetMSU 0 Posted January 21, 2009 Share Posted January 21, 2009 Say you made 10k on pokerstars. Since pokerstars is in costa rica, could the IRS ever be able to find out how much you have made on pokerstars? (assuming you haven't made a withdrawl)just wondering. Link to post Share on other sites
NoSup4U 0 Posted January 21, 2009 Share Posted January 21, 2009 Say you made 10k on pokerstars. Since pokerstars is in costa rica, could the IRS ever be able to find out how much you have made on pokerstars? (assuming you haven't made a withdrawl)just wondering.I don't believe they would know, but who knows. I've never heard of anyone getting busted for not paying taxes on online money they made that is sitting on a poker site. People get busted when they withdraw and spend $50K and tell the govt they made $10K :)Mark Link to post Share on other sites
MikeJohnson724 0 Posted January 21, 2009 Share Posted January 21, 2009 This IRS does not get 1099-G forms from any online site. Link to post Share on other sites
Muckuup 0 Posted January 21, 2009 Share Posted January 21, 2009 I would go around and tell anyone I know how buys lottery tickets to save the non winners so you can claim them as a deduction... I think this is possible isn't it? Link to post Share on other sites
ajs510 122 Posted January 21, 2009 Share Posted January 21, 2009 Say you made 10k on pokerstars. Since pokerstars is in costa rica, could the IRS ever be able to find out how much you have made on pokerstars? (assuming you haven't made a withdrawl)just wondering.Probably not, but then again a bunch of people got burned assuming that the government would never find out how much money was in their Neteller accounts...I would go around and tell anyone I know how buys lottery tickets to save the non winners so you can claim them as a deduction... I think this is possible isn't it?Yeah, and from what I understand if you live near a casino and use their ATM's a lot, it can look like you're dumping back a lot of your winnings that way (by saving the ATM receipts). I'm neither an accountant nor an accomplished tax ninja (nor a winning poker player, for that matter), so take the above with that nugget of salt attached. Link to post Share on other sites
Whatever 1 Posted January 21, 2009 Share Posted January 21, 2009 http://www.pokerdeductions.com/article.php?id=7 Link to post Share on other sites
Whatever 1 Posted January 21, 2009 Share Posted January 21, 2009 Is your losses that you are allowed to deduct (for hobby income) session losses or daily losses or what? When you multi-table online things get blurred a little bit. Link to post Share on other sites
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