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Anyone else sportsbetting yet?

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  1. mscheesecake82 mscheesecake82 is offline

    Boston, MA
    United States

    Posts: 633
    Joined: Feb 07

    Mar 9th, 2007 (3/9/2007 10:06pm)

    If so just wondering how it's going...
  2. Tim Lock Tim Lock is offline

    FL
    United States

    Posts: 7,834
    Joined: Nov 05

    Mar 9th, 2007 (3/9/2007 10:08pm) in reply to mscheesecake82

    No, but I don't know what I'll do when college football starts up again.

    Hijack attempt - On my taxes this year, I claimed an amount substantially below what I made from poker this year. This was the first year that I claimed poker winnings on my return. Do you think I'm safe? Or should I fess up and claim 100%.

    I'm not a balla by any means, but compared to the earned income from my other job ($2.13 bartending, only claiming cc tips all year), it was a considerable amount.
  3. hostile hostile is offline

    Revelstoke
    Canada

    Posts: 8,627
    Joined: Aug 06

    Mar 9th, 2007 (3/9/2007 10:09pm) in reply to Tim Lock

    did you wear a jimmy hat?

    i'd still go for blood work.
  4. mscheesecake82 mscheesecake82 is offline

    Boston, MA
    United States

    Posts: 633
    Joined: Feb 07

    Mar 9th, 2007 (3/9/2007 10:11pm) in reply to Tim Lock

    Well it's not a criminal offense until you're three years behind...beyond that if you get audited better fess up at that point.
    Thread Starter
  5. mhoddi mhoddi is offline

    Western Sahara

    Posts: 11,715
    Joined: Feb 05

    Mar 9th, 2007 (3/9/2007 10:17pm) in reply to Tim Lock

    I owed over 10K because of poker last year for taxes. It definitely sucks, but sucks a lot less than Mr. IRS man knocking on my door in 5-7 years telling me what I owe, plus interest. If there's one thing that should be obvious from the past couple of years, it's don't fuck with the gov't. They fuck us for no reason enough as it is.
     
  6. AllYourChips AllYourChips is offline

    Scottsdale, AZ
    United States

    Posts: 2,186
    Joined: Mar 06

    Mar 9th, 2007 (3/9/2007 10:19pm) in reply to Tim Lock

    Don't forget that you can delcare losses against wins. Everytime I go to the casino and take money out, I keep the receipt. Whether I actually need the money for poker, or I'm donking off money at BJ, or lending someone a couple bills, I save this receipt and claim it as a loss. Generaly, most other pros declare half of what they actually won, (I'm talking cash grinders here, a big MTT score would change this) and are prett safe with it.

    So say I won around 100k this year and have 25k worth of receipts, I'd claim 25k in winnings. But it's common sense here too. I can't claim 25k and have have 100k sitting in the bank. Just aslong as you used your head, you'll be fine. The IRS has bigger fish to fry than "those who gamble with the long term expectation of winning" which is the legal definition of a professional gambler. We're in the grey area, and they'd rather go after the people whom they know exactly how much they made, and what they're entitled to.
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