Taxes & Reported Income?

**cinpls081** · 07-20-09, 04:37 PM

I would suggest hiring a CPA to answer these questions for you. They can help you in your specific situation.

**cinpls081** · 07-20-09, 04:38 PM

if you make money the rule is your pay income tax just like everyone else in the USA.

**Fishhead** · 07-20-09, 05:01 PM

Keep a diary of your wins and losses.

Your wins from offshore will be listed in your diary as being won at poker.

Report all your wins on Line 21......deduct your losses on Schedlue A.

Pretty simple really.

FH

**bigjonson** · 07-20-09, 05:22 PM

All intentions on paying on all income. No questions asked..

I just wanted to know if out and out the act of an on line wager was illegal.

I have already sent these same questions of to my accountant.

He is more cut and dry but as Fish Headed suggest is wel within my legal rights.

**head_strong** · 07-20-09, 05:24 PM

**bigjonson** · 07-20-09, 05:28 PM

Fish: When you say keep diary of wins and loses. Do you mean every single play?

Then itemize as follows or are you saying total for the year as far as debits/credits?

Money in and Money out?

Just curious because hyptohetically if one deposits 1000 and wins 5000 the income is 4000 and would be added on Line 21.

However does 1000 o to the schedule A or do you need itemize every play? Seems a little difficult. That's a lot of hands in poker???????

**cinpls081** · 07-21-09, 07:09 AM

yes every play must be itimized. Its not simple at all if you play with multiple shops IE locals etc. I just pray they don't make it legal in USA....

**Fishhead** · 07-21-09, 09:31 AM

Originally posted by bigjonson

Fish: When you say keep diary of wins and loses. Do you mean every single play?

Then itemize as follows or are you saying total for the year as far as debits/credits?

Money in and Money out?

Just curious because hyptohetically if one deposits 1000 and wins 5000 the income is 4000 and would be added on Line 21.

However does 1000 o to the schedule A or do you need itemize every play? Seems a little difficult. That's a lot of hands in poker???????

Record your wins and losses on a "session" basis.

The money you recieve by check or other means has nothing to do with what you will report on your tax return.

FH