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Income Taxes in Illinois

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  1. Peeig Peeig is offline

    Chicago, IL
    United States

    Posts: 912
    Joined: Apr 05

    Feb 22nd, 2010 (2/22/2010 9:07am)

    If anyone is an Advantage Player (could be poker, or any other gamblings) and lives in Illinois, I have a question about filing your fed return as how it relates to the Illinois state return.

    Please PM me, or email me at peeig13@msn.com

    Thanks
  2. TheVillageGrinder TheVillageGrinder is offline

    United States

    Posts: 1,970
    Joined: Sep 07

    Feb 22nd, 2010 (2/22/2010 10:26pm) in reply to Peeig

    What is an Advantage Player?

    I have lots of questions about filing taxes as related to poker and I live in IL. For one, do you declare it as online gambling/poker?
  3. TheEngineer TheEngineer is offline Rich Muny - PPA Board VP

    KY
    United States

    Posts: 2,830
    Joined: Nov 07

    Feb 24th, 2010 (2/24/2010 8:24pm) in reply to TheVillageGrinder

     
    Originally Posted by TheVillageGrinder View Post

    What is an Advantage Player?

    Someone who makes money at gambling by gaining an advantage over the game.

     

    I have lots of questions about filing taxes as related to poker and I live in IL. For one, do you declare it as online gambling/poker?

    Yes.
     
  4. TheVillageGrinder TheVillageGrinder is offline

    United States

    Posts: 1,970
    Joined: Sep 07

    Feb 26th, 2010 (2/26/2010 12:55am) in reply to TheEngineer

     
    Originally Posted by TheEngineer View Post

     
    Originally Posted by TheVillageGrinder View Post

    What is an Advantage Player?

    Someone who makes money at gambling by gaining an advantage over the game.

    How is "gaining an advantage" quantified? I mean I feel like I have an advantage because I understand pot odds, fold equity, icm, etc, and I'm a proven winner. Am I an advantage player? and if so, of what significance is that?


     

    I have lots of questions about filing taxes as related to poker and I live in IL. For one, do you declare it as online gambling/poker?

    Yes.

    Just to clarify-I noticed in a stickied thread at 2p2 wherein the "expert" said that the money made could simply be reported as "gambling winnings/losses" If this not correct?
  5. TheEngineer TheEngineer is offline Rich Muny - PPA Board VP

    KY
    United States

    Posts: 2,830
    Joined: Nov 07

    Feb 26th, 2010 (2/26/2010 2:29am) in reply to TheVillageGrinder

     
    Originally Posted by TheVillageGrinder View Post

    How is "gaining an advantage" quantified? I mean I feel like I have an advantage because I understand pot odds, fold equity, icm, etc, and I'm a proven winner. Am I an advantage player?

    Yes, you're an AP. Other APs include blackjack card counters, shuffle trackers, etc.

     

    and if so, of what significance is that?

    None. OP was simply asking how others who expect to win long-term at gaming activities handle taxes.

     

    Just to clarify-I noticed in a stickied thread at 2p2 wherein the "expert" said that the money made could simply be reported as "gambling winnings/losses" If this not correct?

    That's correct. Winning sessions are totaled, and that total is declared as "gambling winnings." Losing sessions as summed as well. That total, up to the total winnings, is added to itemized deductions as "gambling losses."
     
  6. Peeig Peeig is offline

    Chicago, IL
    United States

    Posts: 912
    Joined: Apr 05

    Mar 5th, 2010 (3/5/2010 1:03pm) in reply to TheEngineer

    My question had to do with filing from IL and also filing an IL-1040........I know IL is a little ambigous as to whether they are okay with online gamblings........but I know there are a couple of online pros who reside here (Belowabove is from IL, I believe, so was Green Plastic back in the day).
    Thread Starter
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