Originally Posted by JakeRJake
I forgot to mention..
I'm from the US (Missouri). We don't declare taxes monthly here.
From what I understand from the tax code, we are to report our earnings per session (which makes things confusing if you play online). You're supposed to keep a record of your winnings per session and report it at the end of the year.
That's so very brutal. What an odd law...obviously for very beneficial reasons for the government.
So basically you get taxed on losing as well? lol
As for keeping records of each session and reporting at the end of the year....that sounds unreasonable and indeed very confusing. I'm unsure as to why they won't/can't accept an end of year earnings from poker just makes much more sense. Maybe they are trying to get people to stop playing poker because you end up paying more tax on each session you win or lose lol.
Here government, I've profited $10,000 this year, please deduct my taxes from this.
< Surely that would be enough? Maybe ask them.
I think this is why Isildur1 is being chased from the Swedish government because of their ludicrous ruling on taxes. You get taxed on loses as well as winnings and with the stakes he was playing he owes the Swedish government $150,000,000 million