Poker Discussion
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CarbonPoker · Full Tilt · Cake Poker · PokerStars · Ultimate Bet · Players Only · Bodog
I've been making my quarterly depsoits for over 3 years on my poker winnings and have been able to deduct enough to have the taxes be minimal.
So I get a letter in the mail from the IRS saying I am to be prepared for an audit on December 12 in Boston. How they got my address in Central MA is beyond me since I have not been winning and made no deposits since purchasing my home.
They explicitly said they want to review all online transactions with THIRD PARTY PROCESSORS and said they have reviewed my bank accounts and I need to detail all Neteller transactions. Since I have reportable winnings at Foxwoods and Caesars I feel I am going to get shafted somehow.
All I do is pay and pay, and now I can't sleep.
Keep detailed records kids, the IRS is not friendly, we need to pay for the mutilated troops coming home from the "war".
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AFink93
(United States)
12,193
Posts.
Joined
03-31-2006.
11-28-2006 11:14 AM
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It depends on how much other income you make at your real job. If the 10K is your only income probably around 15%.
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sol160
(United States)
3,991
Posts.
Joined
10-22-2005.
11-28-2006 11:21 AM
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In reply to
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depends on the amount of other income
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Another reason that this thing rules.
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I think the part where you say "I was able to deduct enough to where my taxes were minimal" is the problem.
If you were making money, buying a house, etc, but hardly paying anything in taxes, they'll probably get you for that.
Let us know how it goes.
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If the IRS audits your Neteller account, they are going to be trace the $ that you put on your Neteller Card.
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Adam
(Costa Rica)
11,354
Posts.
Joined
12-21-2004.
11-28-2006 3:10 PM
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This forum administrator agrees with what that ^^^^ almost-lawyer said...
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i need an accountant bad.
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If you have any concerns that the IRS will interpret your neteller transactions as being in conflict with your tax return, consult a tax attorney immediately.
Also, did they ask for transactions from a particular period of time, or for all transactions? Don't provide any more information than asked for.
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hey E2 can you be more descriptive, like how much have you won/lost in total, did the IRS give you warning letters before, what kind of deductions did you use, etc.?
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