What's the point of paying taxes on your winnings?
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What's the point of paying taxes on your winnings?
I see what you mean. You can't "deduct" your losses, but you can reduce your winnings by your losses for a given session. But even if you are down for teh year, you still owe if you won in a given session. That I do not know.
Poopoo, the point is not going to jail or being monetarily penalized for tax evasion. For svino, it is probably because he is communist.
I believe you can deduct gambling losses (up to the amount of gambling income) but of course: 1) You have to be already itemizing deductions for it to be worth it, and 2) Presumably, you have to provide documentation of said losses and I'm not sure what would be adequate here.
Alternatively, one can file as a "professional gambler" and total income and expenses as a business would, but again I assume there's a lot of documentation required here.
That's a distinctly Svino kind of suggestion.
You're right. I always thought you could not deduct losses from subsequent sessions. I don't see how they could possibly track that, I looked at the IRS guidelines, and a record is all they require. I am pretty sure I can fabricate a record of losing, the same way I fabricate my business mileage log book at the end of the year.
So with that, it seems pretty clear that the total winnings are based on the year. So I don't see any way to claim it other than miscellaneous income (or as you mentioned, business income). The benefit to claiming it as a business is that you can deduct your expenses from operating your business (internet, pay out fees, plane tickets to vegas).
What is the best way to conceal the income?
I saw a good movie last night, Margin call
http://www.imdb.com/title/tt1615147/
Anyone else see this?
They have me on file @ the M. And they do seem to somewhat track me(closer than they did @ the Venetian). But I keep COPIES of all my winning tickets and keep the actual stubs of all my losing bets. If the IRS does ding me( I seriously doubt it), I will have all my losing tickets, and they better hope they have ALL my winning tickets. Because the only tickets I will provide them are the losers.
hmmmm. I deposited via cc. So i'll just ask them next time i withdraw.
I made like $160 in 2010 and $250 in 2011. And I've never made a withdrawal in over 2 years. So I'm not worried about taxes, but if I was bringing in thousands a year then I would look into it.
If you have ever deposited money via WU, you don't send it to the book. You just send to some random name they give you. Maybe I am underestimating the depth of an audit, but it would take some pretty serious detective work to piece it all together IMO. Maybe the IRS checks every possible source of everything... I don't know.
18 Year Old Girl Kills Intruder
http://gma.yahoo.com/video/news-2679...-27777235.html
Watched girl with the dragon tattoo tonight..was good
Lulz
http://espn.go.com/new-york/nhl/stor...k-rangers-fans
vid here
http://abclocal.go.com/wpvi/video?id=8490089
I love this town.
http://a.yfrog.com/img876/6246/35195437.jpg
@nickdiaz209 Look how much bigger you are in this pic..I thought you were gonna scrap from the beginning homie? What was that coward fence holding strategy to tire out the smaller man? Street fighter my ass! I made you fight like glass jaw @jonfitchdotnet poser! I'll be ready for that weak bs next time we fight!
-BJ Penn
"Pedro Carrasco - and there is a reason why he posted it, He is fired up because now that the holidays are over and a lot of his post-fight distractions are behind him he has nothing to do but think about things and he is not happy with the way he performed in his last several fights.
I am not here to make excuses for him, but I am pretty sure people, at least with some sense of intelligence, can identify that the BJ that fought Edgar, Fitch and Diaz was not the same Penn that fought the Diego's and Florians of the world
Things changed, but as it sits right now, he is back. That killer mentality and fire is back and it's been brewing for a while now and today's tweet is a result of it just boiling over!
Expect more from Penn to come for sure! "
You know Bjj should just try getting in ridiculous shape I know it's hard but it must be better than getting beat up.
dumb
Is BJ trolling or being for real?
good to see nick owns his brother even when they dont go 100 percent.
http://www.youtube.com/watch?v=IsCs8...ayer_embedded#
^ They're just flowing. A while back, Nick actually said Nate is better than him on the ground. He may have been just trying to support hism brother though
"Motivated BJ" is about to show himself. Notice.
If he's smart, he'll show himself at LW.