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gonefshng
Royal Flush
Joined: 12 Mar 2007
Posts: 891
Location: give me rakeback liberty or give you death
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 Posted: Wed Nov 04, 2009 8:36 pm Post subject: |
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That is a good site and explains what I was saying further |
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cannonwillow
Message Board Junkie
Joined: 13 Mar 2009
Posts: 1424
Location: Faiview Heights, Illinois
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| Posted: Wed Nov 04, 2009 8:54 pm Post subject: |
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| It would be nice if FT could give a detailed report 4 times a year with all the numbers to plug into the tax forms, since all the numbers are stored in its databases anyway. At least for US Players. anotherwords they should be able to tell us exactly what we owe in taxes, at least fereral taxes anyway. |
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finknik
Three of a Kind
Joined: 11 Jan 2009
Posts: 78
Location: San Diego, CA
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| Posted: Wed Nov 04, 2009 9:11 pm Post subject: |
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How can the government access your online poker activities? They don't know who finknik is... do they? I thought all they saw was what comes into my bank, not what I gamble.
I thought Full Tilt would not share your information with 3rd parties. |
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cannonwillow
Message Board Junkie
Joined: 13 Mar 2009
Posts: 1424
Location: Faiview Heights, Illinois
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| Posted: Wed Nov 04, 2009 9:15 pm Post subject: |
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FT could give me the information I need. The Government is not involved at all. Another words FT tells cannonwillow what I should report on line 21 and line 27. Its still up to me if I want to report this on my tax forms or not.
Last edited by cannonwillow on Wed Nov 04, 2009 9:19 pm; edited 1 time in total |
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finknik
Three of a Kind
Joined: 11 Jan 2009
Posts: 78
Location: San Diego, CA
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| Posted: Wed Nov 04, 2009 9:17 pm Post subject: |
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| So then how do they know that you had a larger profit than you withdrew? |
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cannonwillow
Message Board Junkie
Joined: 13 Mar 2009
Posts: 1424
Location: Faiview Heights, Illinois
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| Posted: Wed Nov 04, 2009 9:21 pm Post subject: |
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| they dont, but if you get an audit, who knows what they can find. |
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finknik
Three of a Kind
Joined: 11 Jan 2009
Posts: 78
Location: San Diego, CA
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| Posted: Wed Nov 04, 2009 9:24 pm Post subject: |
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I don't picture them giving me an audit. I'm always good about my taxes. They wouldn't waste their time coming out to check on me.  |
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cannonwillow
Message Board Junkie
Joined: 13 Mar 2009
Posts: 1424
Location: Faiview Heights, Illinois
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| Posted: Wed Nov 04, 2009 9:30 pm Post subject: |
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| you probably are right. those making big money from online poker have to be more concerned. They have much more to lose and IRS to take. |
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finknik
Three of a Kind
Joined: 11 Jan 2009
Posts: 78
Location: San Diego, CA
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| Posted: Wed Nov 04, 2009 9:32 pm Post subject: |
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| I'm a razz player. I don't plan to be playing at the Ivey stakes anytime soon. haha |
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nilgiri
Message Board Junkie
Joined: 11 Jan 2007
Posts: 4005
Location: Massachusetts
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| Posted: Wed Nov 04, 2009 10:03 pm Post subject: |
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Great post, I hadn't seen this site before.
This part ( http://www.onlinepokerfaq.com/guide/tax-sessions.html ) explains quite well some of the differences I mentioned here:
| nilgiri wrote: |
| finknik wrote: |
So nilgiri, from what I read, it sounds to me like by counting each session, it would come out the same as your net profit. Or am I missing something?
Say I make a $10K deposit. At the end of the quarter, I have $100K. Does it matter what happened each session? After I deduct each sessions losses from each sessions winnings, wouldn't that be the equivalent of my net profit?
Seems like if I just keep track of what I deposit (10K), and what I end up with (100K), I would be paying taxes on the net profit (90K). |
It's not the same. Let's say your winnings are $500k (with $410k losses).
By paying taxes on your net profit, you are declaring an income of $90k. By paying taxes on your winnings (with deductions for losses), you are declaring an income of $500k. I can't remember off the top of my head when this difference matters (my wife did most of my taxes), but it did matter for my own taxes. |
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HuJwang
Forum Blight
Joined: 20 Aug 2006
Posts: 9197
Location: Halifax, NS
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| Posted: Wed Nov 04, 2009 10:42 pm Post subject: |
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| PlacidCarcass wrote: |
Im glad I am in canada, as we do not pay taxes on winnings from gambling  |
this is false. |
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cannonwillow
Message Board Junkie
Joined: 13 Mar 2009
Posts: 1424
Location: Faiview Heights, Illinois
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| Posted: Wed Nov 04, 2009 11:00 pm Post subject: |
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| I do a lot of side betting with a few trusted friends online. If I win they transfer me funds, if I lose I tranfer them funds...using the FT account. Should I record them simply as more sessions either winning or losing when it comes to taxes. |
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MoFugger21
Four of a Kind
Joined: 18 Aug 2008
Posts: 326
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| Posted: Wed Nov 04, 2009 11:03 pm Post subject: |
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| HuJwang wrote: |
| PlacidCarcass wrote: |
| Im glad I am in canada, as we do not pay taxes on winnings from gambling |
this is false. |
care to elaborate??
EDIT: Nevermind, after doing some reading myself, thats partially true, and would take forever to explain...   |
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nilgiri
Message Board Junkie
Joined: 11 Jan 2007
Posts: 4005
Location: Massachusetts
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| Posted: Wed Nov 04, 2009 11:55 pm Post subject: |
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| cannonwillow wrote: |
| I do a lot of side betting with a few trusted friends online. If I win they transfer me funds, if I lose I tranfer them funds...using the FT account. Should I record them simply as more sessions either winning or losing when it comes to taxes. |
This issue is reaaaaaally complicated, and one reason I don't do BAPs very often anymore. It's a serious pain. There isn't really any standard for this for online deals afaik... |
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BoggyB
Pair
Joined: 10 Apr 2009
Posts: 46
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| Posted: Thu Nov 05, 2009 8:01 pm Post subject: |
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| PlacidCarcass wrote: |
| Im glad I am in canada, as we do not pay taxes on winnings from gambling |
+1
Wow, I'm so glad I don't live in the states (no offense, Americans). If you win money or better yet, if you win someone else money, that should be yours and yours only. Full Tilt already gets rake, and you guys are saying you still need to give away most of your winnings to the Government? lqtm... If you lose money, you lose more money in the end. If you break even, you lose money. If you win, you break even. It sounds like the only way to actually making a decent living is to be a luckbox that runs better than jesus on water. |
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