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Withdraws

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Withdraws - Thu Feb 03, 2011, 01:42 AM
(#1)
Krunkstar's Avatar
Since: Jul 2010
Posts: 211
BronzeStar
Do I need to claim my withdraws on my taxes. Does anybody know. Last thing I need is trouble from the IRS.

 
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Thu Feb 03, 2011, 01:59 AM
(#2)
Brad_Wicker's Avatar
Since: Aug 2010
Posts: 102
BronzeStar
if its over $1000 i think you do. not sure about smaller amounts. not positive tho
 
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Thu Feb 03, 2011, 02:15 AM
(#3)
autodafe20's Avatar
Since: Jan 2011
Posts: 142
BronzeStar
From what I've understood about it, if you can claim professional poker status (it's your main job) then it's total wins - total losses for the year.

If you are an amateur it get's really stupid. For tournamets and SnGs it's winning amount - buy in for each individual tournament that must be claimed. If you're not in the money then you cannot deduct that buy-in as a loss.

For Ring games it's what you leave with - total amount brought to the table for every single session. If you lose money it's non-deductible.

Given the ridiculous way the IRS figures the taxes for amateurs you could lose money over the course of the year and still owe the IRS taxes on it.
 
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Thu Feb 03, 2011, 06:27 AM
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Deleted user
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Last edited by deleted_username; Thu Feb 17, 2011 at 11:57 PM..
 

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