Profit/Loss

[2Tone]

Here’s a question for you all. Both online and B&M, there are other factors in total bankroll other than just how much you win or lose at the table in the hands themselves. For example, site bonuses, tipping the dealer, high hand jackpots, even getting paid to post in message boards .

When you guys are calculating win/loss totals, keeping records etc, do you factor everything in, or count “additional” profits/costs separately?

[jimmytheg]

Everything counts. I don't keep specific track of tokes and the rake, but when i count what i end with compared to what i started with, those count. I even count the cost of gas into my records after playing at a casino. But no, i don't keep a seperate category for miscellanious stuff, just count everything towards total wins or losses

[PShabi]

The bonuses or anything that credits my bankroll goes in with my "poker money."

No records of money paid to a jackpot rake are kept. Dealer tips, I just count in with my bankroll. Don't seperate it.

Any food or drink at the tables is kept seperate.

[nutbag]

I think it deponds on what you consider poker. If it's somebody's hobby, then the other stuff I don't think should be considered, but if it's work or a "part time job", maybe it should be. It's been right in the middle for me, but I usually don't. By the way, is travelling costs/tipping and everything like that deductible if you consider poker your job on you taxes? Just wondering.

[jimmytheg]

Yup. If you file your taxes as a professional gambler, you can deduct gas and food and tipping....all are business write-offs. At least that is what I was led to believe by an acquaintance who is an accountant at my local casino.

[SirFWALGMan]

I would have to agree with this assesment. It seems like it would make alot of sense to deduct these items from your wins if you do this professionally. Although I guess if your counting what you have at the end of the night you have already deducted the tips without including Uncle Sam.

[jimmytheg]

That's when you make an "educated guess" wink wink....but this is just second hand knowledge so dont put too much faith in it

[GeoffM]

That's what I mean about the US. When you head to the casino, do they give you a tax receipt or something with your winnings. I mean, say I popper $20 into a slot machine and won $100, how is the IRS ever going to know?

Thank goodness I live in Canada, we don't have these complicated gambling tax problems here. Taxes are an exact science (LMFAO, ahhhhhh...... no).

[jimmytheg]

casinos in conneticut at least are required to fill out a tax form on any winnings in excess of $5,000 at a time. So if you place high in any of the weekly tournaments, never mind the big WPF tournaments, you are going to get taxed taken out of your winnings. For anything under 5 grand though, there is no paper trail...and from that point you are on own to report any income or winnings

[PShabi]

so, what if I'm not a professional, use it as secondary income, and still make money. Tax tips?

[GeoffM]

So if you win a grand at the casino, it can go unclaimed? I mean, how would they possibly catch you if you didn't claim it? Do they have 24 hour CIA spies to follow home the lucky winner of a full house with $30 down in let it ride?

[Aequitas58]

I must have missed this thread. I found two sites which might be helpful for all the pros looking to claim their gambling expenses:

Basic


More Advanced


Hope this helps.

[eddo31]

i count every expense incurred when i am gambling towards my win/loss for the session.

at a b&m this includes food, drinks, tips, rake, etc. i just count how much money i have when i go to the casino, and how much i come home with, and then i figure out my profit/loss.

online it is a bit less, but if i was doing it professionally i would definitely count the cable modem, cost of the computer, etc. all of them are essential parts of your business, so i dont see how you could get in trouble for taking unnecessary writeoffs.

[PShabi]

very helpful aeq. Thanks.

Time to make a few losing entries in my diary.

[GeoffM]

Q * I'm a Canadian citizen who likes to make occasional trips to casinos in the U.S. Recently, I won $12,856 at keno. The casino withheld 30 percent of my winnings for U.S. income tax, and didn't allow for the fact that I was down $300 on the day and had the tickets to prove it. Someone at the casino told me that he thought the money was recoverable for Canadians once they returned to Canada. Is this true?

A * If this was in 1998 or later, you're in luck. As a result of recent changes in the tax treaty between the U.S. and Canada, Canadian citizens who won enough to have the witholding of tax on their winnings, may file a U.S. Non-Resident Tax Return on which they can deduct U.S. gambling losses from their reported U.S. winnings and potentially get a refund for the full amount withheld, if you have as much or more in losses than winnings. If your U.S. losses are less than your winnings, you will get a partial refund.