Originally Posted by Herbish1
My thinking is how does one make a substantial purchase (house, car) with a big sum of money earned from poker without filing it?
But I like your thinking about the betting slips.
Well if you get audited then its a whole other game...however the chances are pretty thin depending on your tax bracket already and to me worth the risk, otherwise no one will ever know unless there is a rat in the house, at worst you can plea down to just paying the taxes anyways and maybe +$500 fine...I'll always take that chance to save taxes on $50k, especially since that income may take you into a higher bracket - and with Hillary coming in soon, thats not a good thing
Maybe best not to buy a house with cash though if you choose this route, anything else should be fine
Otherwise claim it all and get as many betting slips as you can to take it down, no one can argue compulsive gambler isnt the case, or in this case someone doing poorly at their part time job