Hi,
How does it work when it comes to poker and tax ? Particularly online poker and tax ? I'd think it would probably have something to do with how much you earn versus how much you spend in poker games ?
Also, what would be the best way to keep track of the games ? Is there some kind of a software tool that'll enable you to keep track of the earnings, the buy-ins, etc ?
I'd appreciate it. Thanks in advance !
Good for you, The IRS does not care about legal status of activities, just that you report the income, and they will find out, even if it is 5 years down the road. IRS statute is vague. Please check out my website (plachutinconsulting.com) just info no marketing. I will add some links in the next couple days. In the meantinme check out pokertracker.com, a poker database. although there is still some manual entry, it is the best on the market and worth the money to track all the play.
Joanna
As long as you dont deposit more than 5K a month your fine. Some think it is 10K but that was recently changed. Other wise you could pay up to 50% depending on how you claim it.
I do know that the few online poker sites that are subscription sites will have you fill out an IRS form for anything over $600.00 in winnings
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