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Tax question

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  1. timmy720 timmy720 is offline

    Hatboro, PA
    United States

    Posts: 211
    Joined: Aug 07

    Apr 16th, 2008 (4/16/2008 3:21am)

    How much money should I worry about reporting on taxes in terms of money I withdraw.
     
  2. lordxixor101 lordxixor101 is offline

    Westland, MI
    United States

    Posts: 6,364
    Joined: Mar 06

    Apr 16th, 2008 (4/16/2008 12:51pm) in reply to timmy720

    You should report all of your winnings, whether withdrawn or not. If you itemize, then you can net your losses against your winnings.
  3. timmy720 timmy720 is offline

    Hatboro, PA
    United States

    Posts: 211
    Joined: Aug 07

    Apr 16th, 2008 (4/16/2008 4:32pm) in reply to lordxixor101

    What would happen if I don't report my online winnings.
     
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  4. TheEngineer TheEngineer is offline Rich Muny - PPA Board VP

    KY
    United States

    Posts: 2,830
    Joined: Nov 07

    Apr 16th, 2008 (4/16/2008 5:59pm) in reply to timmy720

    You'd be in violation of federal tax laws.
     
  5. timmy720 timmy720 is offline

    Hatboro, PA
    United States

    Posts: 211
    Joined: Aug 07

    Apr 16th, 2008 (4/16/2008 6:42pm) in reply to TheEngineer

    How would I record it. Just excel spreadsheets?
     
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  6. TheEngineer TheEngineer is offline Rich Muny - PPA Board VP

    KY
    United States

    Posts: 2,830
    Joined: Nov 07

    Apr 16th, 2008 (4/16/2008 9:31pm) in reply to timmy720

    The IRS requires keeping of a gaming log. I keep mine in Excel.
     
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