6 replies to this topic

[UNCCwill]

I was wondering if anyone could clarify the online poker tax situation to me. I just had a really good weekend online and am worried about the IRS.

[UNCCwill]

bump, no one here can help me with this?

[chuckf410]

UNCCwill said:

I was wondering if anyone could clarify the online poker tax situation to me. I just had a really good weekend online and am worried about the IRS.

Add the winnings to your journal and at the end of the year your winnings are added as gambling income, and your losses (to a total of your winnings) are added as an itemized deduction. At least that is the advice that my accountant gave me when I started gambling seriously.The best answer of course is to seek out the advice of a professional accountant for your particular situation. If you have won enough to be worried about the IRS, you should have a couple of bucks to give to a tax guy to keep you out of bigger potential trouble.

[Wilderness]

When it comes to something as important as money, taxes, and the IRS, I think that going to a real accountant and figuring out your situation is the best bet. Its too important and the consequences are too severe to just take what people on a forum, who may or may not know anything about it, seriously.

[allinbluff35]

could try getting this book and see if that helps out at all.http://www.amazon.co...7996112-4056647

[UNCCwill]

Thanks for the advice. Also, what I won is a lot of money to me but may not be to the IRS. What is the minimum starting amount that is generally recommended reporting to the IRS? I could be making a big deal over nothing. (I've never had any trouble before not reporting, but I never have deposited more than $400 into my bank account at one time.)

[chuckf410]

UNCCwill said:

Thanks for the advice.  Also, what I won is a lot of money to me but may not be to the IRS. What is the minimum starting amount that is generally recommended reporting to the IRS? I could be making a big deal over nothing. (I've never had any trouble before not reporting, but I never have deposited more than $400 into my bank account at one time.)

$1 and up is the ammount that you should start worrying about reporting or not. If you feel that the ammount of money that you won is worth hiding and going to jail over, sleep well and don't mention it. From what you're saying here, it doesn't sound like the ammount you won is going to throw you into a higher tax bracket. And even if it does, you're complaining that you're making enough money to be that much richer.