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#1
02-06-08, 12:55 PM
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From the horse's
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#2
02-06-08, 01:43 PM
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Last comment: If the shit ever hits the fan, don't think pleading ignorance will get you off the hook, because it won't.
One comment on this so we don't scare too many people. Unless you either fail to report a large sum of income (I won't even claim to know the threshhold), or you try to dodge it once they catch you, the IRS will usually just send you a bill and give you payment terms if you can't pay all at once. However, this presupposes that you haven't repatriated the funds in such a way that makes it look like an obvious attempt to hide the income from the start. That's called "structuring" and is treated much more harshly than straight out non-payment.
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"Animals die, friends die, and I shall die. But the one thing that will never die is the reputation I leave behind." Old Norse adage |
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#3
02-06-08, 06:17 PM
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Right... realistically, if you are a losing player and don't report anything, the IRS will never be the wiser... or care, because it's likely little or no money out of their pocket. But if they suspect that you have intentionally not reported (or misreported) income in order to avoid paying them their
My accountant told me it really depends on who shows up to do the audit. She said many of them are nice, reasonable people, who are happy to work to find a quick and fair resolution. But she said there are also some real pricks, who find joy in going after every last dime, inflating your income and discarding as many deductions as possible, basically making the auditee's life a living hell. So... try not to get that guy if you ever do get audited. |
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#4
02-06-08, 02:23 PM
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From the code:
To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Next time I'm at a B&M I'll be sure to ask for a receipt when I walk out down $50. 
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GO GREEN!!! GO WHITE!!! |
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#5
02-06-08, 06:18 PM
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"Other records" include your own personal records. Every poker player should keep SOME sort of records for all of their play, so this really shouldn't be too much of a problem for most people to produce.
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