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Server Time: 2/13/2012 2:20:46 PM PACIFIC |
 Profit?, WilliamS, 27. Aug 2003 06:39 | ||
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| I haven't withdrew any money from my account yet; but I'm considering starting to pull a little out each month while still trying to build a bigger bankroll. I'm wondering what tax considerations you guys are taking. I know some people write a check for their winnings at a casino and then show that money as a loss. I'm not interested in practices like this, but rather the cheapest way to make the money legitimate. Actually, my long-term poker goals are to build up a down payment on a new house. Lofty goal, I know. But I don't need the money for everyday bills and it helps me to stay disciplined looking at a long-term goal. Are there any advantages to pulling money out 500 at a time (monthly) or just building a large lump sum (10,000)? I don't pretend to be a professional; and don't plan to be. I'm just looking for information to better manage my bankroll. I know there have been threads in the past about filing your taxes. To be honest, I didn't pay that much attention to them because I wasn't playing anything but home games at the time. I appreciate your input. Will | ||
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| Re: Profit?, TexRoadkill, 27. Aug 2003 13:28 | ||
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| I don't know that online casinos even report winnings. If your transfers were under a $1000 a month it probably woudn't even get noticed by the bank. $10,000 is usually the minimum amount that banks and casinos report to the gov. The only time you even risk getting your bank records checked are on a very high level IRS audit and that is rare. If your taxes are generally straight forward without a lot of fancy deductions then your chances of audit are slim and even then they usually don't check bank records. They just ask for proof of expenses to back up your deductions. I pay enough in taxes. I sure as hell 'aint telling the gov more than they need to know, lol. | ||
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| Re: Profit?, stdioh, 28. Aug 2003 10:48 | ||
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| If you are an American then you have to pay taxes on your gaming winnings. Withdraw, file it on your tax forms as "other income" and pay it. If you decide not to pay tax on your poker winnings, then the best way to deal with it is to not keep an account there are all - take all of your money home with you in cash and just play every day with cash in and cash out - then it is difficult to track. Of course if you are playing poker a lot you must keep a diary of your winnings and losses and to intentionally fake this diary and get caught would land you in a pile of badness, but you could do this if you felt it was worth the risk. Of course I would never tell anybody to cheat on their taxes so I will tell you that I think it would be a bad idea for you to CHEAT ON YOUR TAXES. If that isn't clear then I'll just restate it one more time that you should never ever CHEAT ON YOUR TAXES. | ||
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