Poker Players Alliance ForumsPoker Is Not A Crime: Discuss The Fight

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1. geez
   Member
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   My complaint is, today I receive a 1099-misc from the Fiesta Henderson . Not gambling winnings MISC!!!!!!!
   It can only be for couple of times I cashed in tournaments. In person in a legal casino. My entry fees over the year were more than that. Everyone has a card they use for slots, buffets and all means of things.
   Does this mean the casinos will have to report slot winnings of a couple hundred dollars or free meals and rooms.

   I now expect at least one more 1099 from the Orleans. I will end up paying something like a dollar for each three dollars they report. And I lost money playing tournaments.

   Thank goodness playing on Poker Stars is just illegal. I don’t mind paying taxes if I win, but this is just wrong.

   Posted 1 year ago #

2. Skallagrim
   State Director & Moderator
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   If you are going to particpate at a significant level in poker, especially tournament poker with the new reporting requirements, you are going to have to get a grip on the taxes associated with your activity.

   I am not a tax expert, but as a basic principle I can tell you that if you "gamble" significantly YOU MUST KEEP A LOG OF ALL YOUR ACTIVITY. The log will let you keep track of your losses, which can be deducted up to the amount of your winnings (NOT NETTED - the deduction goes on a seperate line on the tax return). Just doing that would solve a lot of your problems. There are plenty of places on the web to give you fuller tax advice concerning your play, and if you are winning a fair amount, you will want to hire your own expert.

   Oh, and BTW, PLAYING on stars is not illegal (with the unlikely exception of certain states' laws applyiing and even that is subject to debate). And even if it were illegal, you still must pay taxes on the income (if there is any). If you dont its called "Tax Fraud" and you will regret it big time if the IRS finds out about it.

   Getting a better tax structure for poker players is part of the PPA's agenda, but until we get there you must have a basic knowledge of the current laws. You are taking the most dangerous gamble of all if you ignore them.

   Skallagrim

   Posted 1 year ago #

3. Dianna Donofrio
   State Director
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   geez,
   I use to be the Payout Manager for the World Series of Poker. As skallagrim advised, keep log of your activity this is very important . In addition, keep receipts of tournaments you play at the casinos or your records from online play through your method of payment. Poker wins can be off-set by poker losses, but you must have receipts of tournaments you play and the detailed LOG OF ALL YOUR ACTIVITY. Hope this helps

   Posted 1 year ago #

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