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paratrooper99
Old 08-04-2010, 03:17 PM     Post subject: The Tax Man #1 (permalink)  
Straight

Join Date: Apr 2010
Posts: 135
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 I would like any imput here. I have been playing alot recently and seen some profits in cash games. Luckily, there is no paper trail so taxes are not a problem but I was considering using my poker expenses for tax deductions this year. A friend of mine hit a Bad Beat Jackpot and talked to his tax preparer and was told that you can get several deductions
53 cents per mile for travel
cost of any books
internet service (online play)
losses (that do not exceed winnings)
Fees (tournaments)
and more...

Can anyone confirm this and/or add to the list.

Thanks
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ChezJ
Old 08-06-2010, 09:46 PM #2 (permalink)  
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Join Date: Oct 2004
Location: Washington, D.C.
Posts: 1,456
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 no no no... you can only take deductions if you state your occupation as "professional gambler." you do NOT want to do this because then you have to prepare detailed ledgers of every single gambling session and state how many wins you had (which go in your gross income column) and how many losses you had (which could towards deductions, NOT credits). i.e. you can't just claim a gambling loss deduction for a year of games and not claim any income. you are just asking for an audit if you try this. do NOT mess with the IRS just to save a couple bucks.

anyway this probably belongs under a different forum where it has been discussed to death. run a search.
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paratrooper99
Old 08-09-2010, 06:01 AM #3 (permalink)  
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 thanks
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