I’ve made quite a bit of money final yr playing cash game poker on the side and I am thought of quitting my day job and going full time. How does a pro poker player file taxes and their annual salary? How does the IRS verify the income reported is true? Must you report each cent of your winnings minus the losses?
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
{ 1 comment… read it below or add one }
Any game you play in that the winnings can be verified would have to be reported (casinos). Games in the back room need not be reported. You should show sufficient income to maintain your life style. If you are winning lots of money and spending it so that there is a paper trail i.e. credit cards, bank accounts. The IRS will eventually catch up to you.