J
JakeRJake
Rising Star
Bronze Level
Hi everybody
I've been playing online poker for a couple years now. Recently I've developed a fairly successful strategy that nets me a few hundred dollars a week. It's a fairly lucrative endeavor that pays my rent for me. This is the first time that online poker has consistently given me an income.
But now I'm concerned about taxes. I've read up a bit about gambling taxes and it looks like the tax code includes poker with winning the lottery and slot machines...so it's not very efficient when it comes to fitting your poker winnings in with your regular income (for example, if you win $10k over a year and lose $7k...you still count that $10k as your income...the $7k comes out as an itemized deduction...so while you only REALLY made $3k...your income is still knocked up by $10k which can cause all sorts of problems for poor folk like me).
Is there anybody here who plays poker seriously as a source of income who can give me some advice and maybe point me in the direction of some helpful articles/websites/books?
Thanks
I've been playing online poker for a couple years now. Recently I've developed a fairly successful strategy that nets me a few hundred dollars a week. It's a fairly lucrative endeavor that pays my rent for me. This is the first time that online poker has consistently given me an income.
But now I'm concerned about taxes. I've read up a bit about gambling taxes and it looks like the tax code includes poker with winning the lottery and slot machines...so it's not very efficient when it comes to fitting your poker winnings in with your regular income (for example, if you win $10k over a year and lose $7k...you still count that $10k as your income...the $7k comes out as an itemized deduction...so while you only REALLY made $3k...your income is still knocked up by $10k which can cause all sorts of problems for poor folk like me).
Is there anybody here who plays poker seriously as a source of income who can give me some advice and maybe point me in the direction of some helpful articles/websites/books?
Thanks