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taxes??

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  1. lemongello lemongello is offline

    Atlanta, GA
    United States

    Posts: 69
    Joined: Apr 07

    Feb 8th, 2011 (2/8/2011 3:33am)

    Can you claim online losses to negate live winnings???

    I won a tourney this summer down in Biloxi and walked out with a 1099 in addition to my $$... I am negative online for the year.. Has anyone had any problems claiming these online losses??

    thx and GL
  2. (oIo) (oIo) is offline

    Troy, MI
    United States

    Posts: 2,105
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    Feb 8th, 2011 (2/8/2011 3:35am) in reply to lemongello

    nobody claims poker winnings. jeez. act like you've been here before.
  3. ihaterats ihaterats is offline

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    Feb 8th, 2011 (2/8/2011 3:37am) in reply to (oIo)

    This is gonna turn out good for you OP
  4. Tim Lock Tim Lock is offline

    FL
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    Feb 8th, 2011 (2/8/2011 3:37am) in reply to ihaterats

    In before shitstorm.
  5. Niceguy Niceguy is offline I will find you.

    NV
    United States

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    Feb 8th, 2011 (2/8/2011 3:37am) in reply to Tim Lock

    taxes?

    pay them?
  6. SerlinSteak19 SerlinSteak19 is offline

    Brooklyn, NY
    United States

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    Feb 8th, 2011 (2/8/2011 3:44am) in reply to budo09

    I'm assuming no because you don't really realize the loss online. In a casino, you realize a gain or loss when you turn in chips while online your money is in virtual chips all the time so you never technically have a tangible loss. Regardless, how would you even prove you had losses online? You gonna send sharkscope and opr stats?

    Getting to see that gif for the first time since the game I cannot stop laughing at Cameron Diaz's emotionless face like she is a slave girl.
    Edited By: SerlinSteak19 Feb 8th, 2011 at 03:46 AM
  7. Iplaythabored Iplaythabored is online now ghost writer

    NY
    United States

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    Feb 8th, 2011 (2/8/2011 4:01am) in reply to SerlinSteak19

     
    Originally Posted by SerlinSteak19 View Post

    I'm assuming no because you don't really realize the loss online. In a casino, you realize a gain or loss when you turn in chips while online your money is in virtual chips all the time so you never technically have a tangible loss. Regardless, how would you even prove you had losses online? You gonna send sharkscope and opr stats?

    Getting to see that gif for the first time since the game I cannot stop laughing at Cameron Diaz's emotionless face like she is a slave girl.

    huh?
     
  8. lemongello lemongello is offline

    Atlanta, GA
    United States

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    Feb 8th, 2011 (2/8/2011 4:02am) in reply to SerlinSteak19

    Well in reply to "how to prove losses"... I had the site send a file showing all activity for the year... so it shows all buy-ins and winnings/losses..
    Thread Starter
  9. donkiman donkiman is offline

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    Feb 8th, 2011 (2/8/2011 4:05am) in reply to lemongello

    Submit a spreadsheet with your wins and losses for live and online. Your accountant will claim the winnings as income and write off your losses on a separate form. If your going to claim online losses you should probably make sure that this can be proven. So if you got audited you could show the deductions from your bank account that went towards your online losses. If you already had funds online that you had never claimed, it might be difficult to write off losses on those, as you will have trouble showing where the initial amount came from. (It is probably a bad idea to write off losses if the winnings from which they are from were never claimed)

    Consult a tax accountant before filing.
    Edited By: donkiman Feb 8th, 2011 at 04:19 AM
     
  10. kiro15 kiro15 is offline

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    Feb 8th, 2011 (2/8/2011 4:17am) in reply to SerlinSteak19

     
    Originally Posted by SerlinSteak19 View Post

    I'm assuming no because you don't really realize the loss online. In a casino, you realize a gain or loss when you turn in chips while online your money is in virtual chips all the time so you never technically have a tangible loss. Regardless, how would you even prove you had losses online? You gonna send sharkscope and opr stats?

    Getting to see that gif for the first time since the game I cannot stop laughing at Cameron Diaz's emotionless face like she is a slave girl.

    HAHAHAHA

    Seriously though OP, go to an accountant for this if you're at all unsure, it's just not worth it....
  11. lemongello lemongello is offline

    Atlanta, GA
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    Feb 8th, 2011 (2/8/2011 4:19am) in reply to donkiman

    ty for a real response as opposed to some of the first guys...
    Thread Starter
  12. bonflizubi bonflizubi is offline

    Cambridge, MA
    United States

    Posts: 4,520
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    Feb 8th, 2011 (2/8/2011 4:20am) in reply to donkiman

     
    Originally Posted by donkiman View Post

    Submit a spreadsheet with your wins and losses for live and online. Your accountant will claim the winnings as income and write off your losses on a separate form. If your going to claim online losses you should probably make sure that this can be proven. So if you got audited you could show the deductions from your bank account that went towards your online losses. If you already had funds online that you had never claimed, it might be difficult to write off losses on those, as you will have trouble showing where the initial amount came from. (It is probably a bad idea to write off losses if the winnings from which they are from were never claimed)

    Consult a tax accountant before filing.

    THis is th ecorrect answer
     
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