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| *Loan,banking and credit>>>tax accounting |
I played internet poker and am down for the tax year 2006 but i did cash out because I had alot in my account? |
I know there is a part on the tax form to put your gambling winnings I never kept track of how much I lost do I need to put anything in that box thanks If you played Internet poker, all the money transactions are documented. All you have to do is get your credit card statement and add up how much money you transferred to the gambling site. Consider that how much you "lost." Then you have the documentation of what they paid back to you in the form of a credit transfer or check. Consider that your "winnings." You put the amount they paid you in the "winnings" box on the tax form. Then you put the amount you lost in the "loses" box on the tax form. If the loses are greater than the winnings, the winnings will cancel out and you pay no taxes. By doing this, they can not came back and say you "hid" the gambling winnings. Only if the amount you got BACK is greater than the amount you transferred in will you have to pay taxes. That is highly unlikely as there are so many ways to rig an Internet game, winning is damn near impossible. (For example, you sit down at a table with a bunch of other players. How do you know they are not all sitting in the same room and playing as a group against YOU? How do you know it is not ONE guy with six computers playing against YOU? Internet gambling is a good way to lose money.) no way find me at bodog....I'll railroad you ya donkey. If you won a significant amount and cashed out into an American bank account you would be wise to pay tax on it. The government has created a lovely gray area with its stupid anti-gambling bill, but even so the IRS want their slice. Tell your accountant how much you cashed out for and pay your tax on it. If you can prove how much you paid in with bank statements or similar you could claim losses too, against the win. If we are only talking a few hundred bucks, I'd just forget it though. If you are down you can write off up to 10k in your favor. If you want your exact stats you can go to sharkscope.com find out where you stand for the year. Hope this helps. |
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