| Posted by: MakMan at October 28, 2005, 11:57 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
i have to say i admire all those who consider themselves true poker pros and do it for living.
to me, its only a pastime, and a favorite one at that, but i cannot imagine putting my livelihood at stake... lol
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| Posted by: AK Slick at October 25, 2005, 3:25 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
No, they would not notice. Only if they were doing a severe audit on you for possible fruad. If you are even thinking about claiming it, then you are probably too honest to commit acts that would necesitate that level of audit. It happens all the time, not that I suggest doing it.
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| Posted by: soadwes at October 25, 2005, 2:40 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
So do you think they will notice a couple hundred bucks in winnings for the year? I guess i wouldn't mind reporting it, but I'm not going to if they aren't going to notice... Sorry about going on a tangent in this thread, I enjoyed the article as well.
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| Posted by: AK Slick at October 25, 2005, 12:01 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
Actually, every single dollar you earn is supposed to be reported to the IRS. The $600 limit listed in your link is just the cut where forms are mandated by the IRS to insure the winnings are reported. If your neighbor pays you $10 to feed his dog for the weekend, that is reportable income.
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| Posted by: F Paulsson at October 25, 2005, 6:52 am | | Topic: Making a Business Out of Poker Forum: Card Chat |
I like the articles, too, but if I could make one request, it'd be to link the original article and (if available) credit the author.
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| Posted by: xdmanx007 at October 25, 2005, 6:15 am | | Topic: Making a Business Out of Poker Forum: Card Chat |
Well you don't have to report every dollar won gambling in most cases anything over 600 dollars needs to be reported.http://www.irs.gov/newsroom/article/...108277,00.html
The problem online gamblers have is online gaming is at best in the grey area of U.S. law. Would you report the 50 bucks you made on a bag of weed? Herein lies the dilema
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| Posted by: juiceeQ at October 25, 2005, 5:42 am | | Topic: Making a Business Out of Poker Forum: Card Chat |
Quote: Originally Posted by AK-Slick.com
Excellent article!
You are supposed to report every single dollar earned gambling or otherwise to the IRS. Of course, you get to offset your gambling wins with your losses.
Are you kidding me? This can't be right, can it? So if I win $2 from the Lottery, I'm supposed to report it? There has to be a limit, I would think. Someone please advise?
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| Posted by: AK Slick at October 24, 2005, 10:25 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
Excellent article!
You are supposed to report every single dollar earned gambling or otherwise to the IRS. Of course, you get to offset your gambling wins with your losses.
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| Posted by: soadwes at October 24, 2005, 7:38 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
I know i don't have a problem with this (considering i rarely cash out more than a $100 in a couple of months), but how much money do you need to be cashing out to have to start doing taxes on your extra income? I guess an answer from IRS would say if you cash out a dollar than it should be counted, but when will they come after ya? heh
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| Posted by: t1riel at October 24, 2005, 3:47 pm | | Topic: Making a Business Out of Poker Forum: Card Chat |
Here's an article for any of you who are considering making a living from poker:
Making a business out of pokerMany people approach poker like fishing or golfing. They play for fun. Others strive to make a living from it. If you're playing to make money, then it's time to treat poker as a business.
When you're ready to consider poker as a business, you need to begin by taking it seriously. No longer is it merely a fun game to play, but it's your livelihood. You need to concentrate on what will make it a successful business. Time. To provide a living, poker can't just be an every now and then kind of thing. Many hours go into achieving a profit - often more than you first expected.
Whenever you don't play your best game or you play in the wrong games, you waste hours of aluable playing time. Then you have to devote more time to undo the damage.
Discover the right places to play and the right games for profit. Look for the right casino (or online poker room), the right ... | | Read Entire Entry |
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