quick question about poker taxes!

[BigDMcGee 3,352]

I know accountants and auditors have a lot of morality classes in school, and maybe that's why she's so uptight.Aww come on, I have no morals at all!!

how did you vote on the "would you cheat" thread, then? And don't lie to kiss up to DN. There's nothing worse than a liar AND a cheat.

[MarionSauce 0]

how did you vote on the "would you cheat" thread, then? And don't lie to kiss up to DN. There's nothing worse than a liar AND a cheat.Hmm. Tough Call. Well first off, let me say that Daniel would have married me, so no need to suck up . As well, being a Scientist/Accountant = no time for poker anyway. I took the easy way out!

[BigDMcGee 3,352]

how did you vote on the "would you cheat" thread, then? And don't lie to kiss up to DN. There's nothing worse than a liar AND a cheat.Hmm. Tough Call. Well first off, let me say that Daniel would have married me, so no need to suck up . As well, being a Scientist/Accountant = no time for poker anyway. I took the easy way out!

are you sure you're not a politican? I'll take that as a "hell yes" answer.

[MarionSauce 0]

how did you vote on the "would you cheat" thread, then? And don't lie to kiss up to DN. There's nothing worse than a liar AND a cheat.Hmm. Tough Call. Well first off, let me say that Daniel would have married me, so no need to suck up . As well, being a Scientist/Accountant = no time for poker anyway. I took the easy way out!

are you sure you're not a politican? I'll take that as a "hell yes" answer.

So, how have you been? Find a suitable roomate? I don't see you on AIM no more, buddy!

[BigDMcGee 3,352]

how did you vote on the "would you cheat" thread, then? And don't lie to kiss up to DN. There's nothing worse than a liar AND a cheat.Hmm. Tough Call. Well first off, let me say that Daniel would have married me, so no need to suck up . As well, being a Scientist/Accountant = no time for poker anyway. I took the easy way out!

are you sure you're not a politican? I'll take that as a "hell yes" answer.

So, how have you been? Find a suitable roomate? I don't see you on AIM no more, buddy!

Um, You're confusing Me with someone else.. I just got on AIM about two weeks ago ( I'm a yahoo man) and I've had the same roomate for three years. Someone may be impersonating Me, but to what end, I have no idea.

[agsa6079 0]

Gambling income cannot be offset by losses, for instance if you win say $30,000 at a poker tournament, and lose $5K in tourneys over the next couple of months, it is still $30K that is your TAXABLE income.

Um, no. If you itemize, you can offset your winnings with your losses

No you can't, gambling losses cannot be written off, there is a whole article about it in cardplayer by one of the shulman's, he goes to the legislature every year trying to get the laws changed.

If you had read all the article, Schulman is working at the STATE level. The IRS does not answer to the Nevada State Legislature. There is a lot of good advice from professional tax experts here. Follow it and you'll have no problems. Trying to figure out ways to cheat the system is stupid.

[three2 0]

I hope this isn't one of the "dumbest questions." Is "gambling" gambling? Do I just pool my occasional Blackjack losses with my Poker statement to come up with one net loss or gain for tax purposes?Thanks.

[joker12676 0]

Gambling is gambling. Any gambling winnings can be written off with any gambling losses on schedule A of your tax return.Although you cannot deduct excess losses. You would need good records of any losses. I know foxwoods and mohegan sun will give you month by month breakdowns but god knows how they come up with those numbers. The law states that any and all income is taxable. Of course if you win a small amount and don't report it the government is not chasing after it. To withdraw large amounts even 3K or less $600 or less won't be directly reported, but if these amounts do add up after a time it may ring some warning bells. Now doing it this way constitutes prior knowledge and could be constituted a tax fraud. If your making that much money just report it and stop trying to rip off the government they hate competition.

[nosoul 0]

If you're not listed as a professional gambler, you can deduct your losses from your winnings. Here's the catch, though. You have to have records of each session played. Each time you sit down at a poker table, that's one session. Your winnings are the sum of all your winning sessions, your losses are the sum of all your losing sessions.For example, after one month you played every day for 2 hours and are up $5,000. You add up all your winning sessions, which may come to something like $50,000, then add up your losing sessions, which comes to around $45,000. You can deduct $45,000 from your $50,000 of income.That's how it works if you're not a pro.http://www.gambling-law-us.com/Articles-No...d-questions.htm

[jlzinck 0]

These are the facts.Gambling winnings are taxable.You can offset losses up to the amount of winnings if you itemize.If you do offset be prepared to have and save records for 7 years.Do not listen to any yahoo who states numbers and what the government does and does not check. If you plan to use the advice of some internet person who has a frined...blah, blah, blah you deserve to get audited. :roll: Banks have their own standards. Some banks may flag transfers as little as 5K in the case of my bank. This is MY bank that does this and it is not a huge nationwide bank.The banks have to file a form with the IRS for any transaction 10K or over.Also if you plan to not pay taxes do a little research on people who have been caught.Use common sense and get the best professional advice you can.

[nosoul 0]

I hope this isn't one of the "dumbest questions." Is "gambling" gambling? Do I just pool my occasional Blackjack losses with my Poker statement to come up with one net loss or gain for tax purposes?Thanks.

Yes, and no. Yes, "gambling" is gambling. No, you don't pool them because you have to have records of each session played. You NEVER pool sessions. Even within poker. You add up your winning sessions to get your winnings. Then add up your losing sessions to get your losses. You can deduct the losses against the winnings.

[richship 0]

Gambling income cannot be offset by losses, for instance if you win say $30,000 at a poker tournament, and lose $5K in tourneys over the next couple of months, it is still $30K that is your TAXABLE income.

Um, no. If you itemize, you can offset your winnings with your losses

No you can't, gambling losses cannot be written off, there is a whole article about it in cardplayer by one of the shulman's, he goes to the legislature every year trying to get the laws changed.

You must have never done your own taxes. You can itemize gambling losses. There are still big problems (such as what a gambling session is and inflated reported income), but Shulman did not say what you think he said.Rich

[garamond10pt 0]

You must have never done your own taxes. You can itemize gambling losses. There are still big problems (such as what a gambling session is and inflated reported income), but Shulman did not say what you think he said.

In any matter, about 90% of this board shouldn't have to worry about itemizing losses, which is much more important if you received any W2Gs and have to report winnings less that the amount the IRS knows you've won. Like GamblinLeaf said, if you play online, your balance already takes into account your losses. Declaring that amount should be fine if you play all or mostly online.

[dpianomn 0]

pay your taxes. uncle sam will find you if you don't. mooohahahahahaha! (that was an evil laugh)

[PAYforUSC 0]

cash transaction greater then $10k has to be reported by whatever financial institution your dealing with. USC is wrong it is taxable as gambling income and can be offset by loses. Pay your taxes and dont be a dumbass.

9-11 took the # from 10k to 5k. Just letting you know.Paying your taxes is the safest thing to do. I don't play high enough to worry about it. It's a good problem to have. That's a fact.

i didn't say it wasn't taxable...i said,"DON'T PAY TAXES!!!!"

[three2 0]

Thanks for all of the info everyone.

[mused01 0]

wait wait wait, if i cash out around $500 a week, is that reportable or what?

[ZenBrothers 0]

Well, there is just not enough flaming going on for all this talk about taxes.This is where living in Canada has some advantages...no gambling taxes...Now back to the fun.....ZenBrothers

[TobyOrNotToBe 0]

Well, there is just not enough flaming going on for all this talk about taxes.This is where living in Canada has some advantages...no gambling taxes...Now back to the fun.....ZenBrothers

Maybe no gambling taxes but , JEESE, BEND OVER for taxes on everything else up there. Great country but if you all think we are taxed in the USA, try living in Canada.