Poker Discussion
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Im a student but play poker around 15-20/hrs per week. I make a decent amount of money and need to figure out what im going to do about taxes. Should i attempt to file as a professional or just do my taxes as a hobbyist. I have no other job
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file full time student w/ poker income as hobby
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what he said ^
I'm having thsi same problem.
ONLY reason I might be going back to school this or the following semester is for tax deductions!
Kind of sad...but iunno
guess u have to figure out if u make more $ paying for school and getting tax deductions and having less time to play...or if you make more paying more taxes with all the freedom you can dream of.
tough decision imo
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evry
(United States)
208
Posts.
Joined
10-02-2007.
07-22-2008 8:14 PM
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In reply to
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What tax deductions are you talking about as a student?
If it is the ones for higher education (not much of a tax deduction) why can't you still be a pro poker player and still go to school.
I think that if you make your income from playting poker, then you can file as a pro poker player and file a Schedule C.
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 evry: | |
What tax deductions are you talking about as a student?
If it is the ones for higher education (not much of a tax deduction) why can't you still be a pro poker player and still go to school.
I think that if you make your income from playting poker, then you can file as a pro poker player and file a Schedule C.
i have no idea...my brother is an Accountant and he told me I would save a lot on taxes going to school.
BUTTT he could be tricking me by motivating me to stay in school now that i think about it.
I BETTEr get that straightened out
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Naw....file as a student and claim poker winnings. The only thing filing as a professional does is allow for more deductions to drop your taxable income down. On this past year's tax return, the only thing that gave me a buttload back was when I turned in what I paid in interest, loans, etc. Being a student does have a lil benefit.
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It really depends on how much you make for the case of students playing poker...
For example, if you make over a certain amount playing poker, depending on your state, you can't even write off tuition, interest, student loans, etc. Basically you need to talk to a CPA if you make a decent amount and at least ask if you can file as schedule C or if hobby is your only option.
I only say this because when I filed in 2006 I couldn't write off any student loans or anything and my only option to really save was file as schedule C/self-employed. There are also some other things to talk to your CPA about to lessen the chance of an audit, etc.
Also, look into putting money into a SEP IRA if your self-employed and any other investments that lowers your taxable income. A combination of write-offs and investments is the best thing you can do to keep the most of your money.
CardX
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I guess living in america kinda sux lol.
ps. why do americans pay income tax if its not even a law? and all the income tax goes to special interest groups instead of the econamy? el oh el
I always laugh when americans say to police officers that they pay their salaries when thats not true at all lol.
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I'm a canadian player in a similar boat, In canada we don't have taxes on gambling, but I also remember hearing about players who were filling as professionals
Can any canadians expand on why a pro poker player in canada would pay income tax at all? i know im missing something...
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No, it is very true that we pay their salaries. There are local, state, and federal taxes with the federal income tax being what you are referrering to. You aren't too far off though with the federal income tax being unconstituional, and the Fed tax not going to say, police officer's salaries.
In the situation you are in, I agree with CardX. Check in with a CPA first. Declaring pro is analogous to being self employed. Keeping detailed records of transactions, cash outs, et cetera will go a long way in saving you headaches when filing. On the plus side with that good record keeping and recipt keeping you can save a decent amount in write offs at the end of the year. Need a new monitor to multi table or talk hands over beers? Write them bitches off.
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If ur a baller and ship the mill like CardX then you might have problems lol. But I dunno, I think Canada is the shizot right now and that's the place to move to. Forget America. Govt doesn't want it legalized anyway why give them all ur poker money? FK them.
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