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Its pretty much tax season

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  1. famous5ives famous5ives is offline

    Elkhart, IN
    United States

    Posts: 1,564
    Joined: Jun 07

    Jan 22nd, 2012 (1/22/2012 8:29pm)

    Just wondering, as a hobby player, if my only cash out in the last year came from stars post black friday, is there a section i can just put that total in gambling winnings and be done with it? Also if anyone has any links to past articles, me and the search feature dont get along well on this site. Thanks
  2. ePawnMarket Dan ePawnMarket Dan is offline

    Atlanta, GA
    United States

    Posts: 10
    Joined: Oct 05

    Jan 23rd, 2012 (1/23/2012 2:36am) in reply to famous5ives

     
    Originally Posted by famous5ives View Post

    Just wondering, as a hobby player, if my only cash out in the last year came from stars post black friday, is there a section i can just put that total in gambling winnings and be done with it? Also if anyone has any links to past articles, me and the search feature dont get along well on this site. Thanks

    I live literally five miles from Ann-Margaret Johnston. She's the poker CPA that has written a book on proper documentation of poker winnings. I've used her for my taxes in the past. I'd give her a call.
  3. Dan Dan is offline Administrator

    Posts: 5,239
    Joined: May 06

    Jan 23rd, 2012 (1/23/2012 6:05am) in reply to ePawnMarket Dan

     
    Originally Posted by ePawnMarket Dan View Post

    I live literally five miles from Ann-Margaret Johnston. She's the poker CPA that has written a book on proper documentation of poker winnings. I've used her for my taxes in the past. I'd give her a call.

    Her website is PokerDeductions.com, btw. Here is a tax article that Ann-Margaret wrote for PocketFives to get you started:
    http://www.pocketfives.com/articles/tax-qa-585513/
     
  4. pocketfish pocketfish is offline

    Posts: 186
    Joined: Aug 09

    Jan 23rd, 2012 (1/23/2012 7:14am) in reply to Dan

    I just had a weird thought about ftp. afaik, players are to report their winnings, no matter if they cashed it out or left it online. I don't know if it is still the same. Anyhow, how much is 1 FTP $ worth? If FTP had like $60mm on hand, but player balances were like $400mm, wouldn't a doller in a FTP account only be worth like .15 cents?
    Since FTP spent/stole our money, is the currency we played with valued lower?
    (sorry if this is nonsensical, I took a few pills for a backache)
  5. tedSTRETCH tedSTRETCH is offline

    Costa Rica

    Posts: 964
    Joined: Jun 10

    Jan 23rd, 2012 (1/23/2012 8:33am) in reply to pocketfish

    Good luck getting me to pay a dime on ftp "winnings?"
    553 
  6. famous5ives famous5ives is offline

    Elkhart, IN
    United States

    Posts: 1,564
    Joined: Jun 07

    Jan 23rd, 2012 (1/23/2012 11:36am) in reply to pocketfish

     
    Originally Posted by pocketfish View Post

    I just had a weird thought about ftp. afaik, players are to report their winnings, no matter if they cashed it out or left it online. I don't know if it is still the same. Anyhow, how much is 1 FTP $ worth? If FTP had like $60mm on hand, but player balances were like $400mm, wouldn't a doller in a FTP account only be worth like .15 cents?
    Since FTP spent/stole our money, is the currency we played with valued lower?
    (sorry if this is nonsensical, I took a few pills for a backache)

    I could be wrong, but im thinking i read that they changed something last year to where u no longer had to claim the $ still in your online account
    Thread Starter
  7. adamsapple19 adamsapple19 is offline

    Pueblo, CO
    United States

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    Joined: Nov 08

    Jan 23rd, 2012 (1/23/2012 12:41pm) in reply to famous5ives

    I read that too. I just did my taxes yesterday and I did NOT claim the money in my FT/UB accounts. If I get that money back this year I'll have to figure out what I'm going to do with it on next year's taxes as I don't play poker for a living anymore. I'm just planning on crossing those bridges when they come.
     
  8. Dan Dan is offline Administrator

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    Jan 23rd, 2012 (1/23/2012 3:41pm) in reply to adamsapple19

     
    Originally Posted by adamsapple19 View Post

    I read that too. I just did my taxes yesterday and I did NOT claim the money in my FT/UB accounts. If I get that money back this year I'll have to figure out what I'm going to do with it on next year's taxes as I don't play poker for a living anymore. I'm just planning on crossing those bridges when they come.

    Here is Ann-Margaret's take on FTP:
    http://www.pocketfives.com/articles/...j-deal-586906/
     
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