<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Dante:
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Also, is it true, that if you put "professional gambler" as your job on your tax return, the chances of being audited skyrocket? I'd figure if you put a decent size in winnings on your tax return, you might have a better chance of getting audited.. <HR></BLOCKQUOTE>
You really think most pro gamblers pay taxes?
I always thought it was the other way around.
Most pros wouldn't just because there is such a low chance of getting busted. Also when you say pro gamblers, are you referring to sports bettors or those who play poker or both?
Also, what amount would qualify for "HUGE winnigns."
good point...IMO most smalltime-medium players and recreational players really do not have much a chance of being audited thats my opinion on it. They are going after the PRO gamblers that do not pay taxes on HUGE winnings..I think most pro gamblers DO pay there taxes.<HR></BLOCKQUOTE>
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Also, is it true, that if you put "professional gambler" as your job on your tax return, the chances of being audited skyrocket? I'd figure if you put a decent size in winnings on your tax return, you might have a better chance of getting audited.. <HR></BLOCKQUOTE>
You really think most pro gamblers pay taxes?
I always thought it was the other way around.
Most pros wouldn't just because there is such a low chance of getting busted. Also when you say pro gamblers, are you referring to sports bettors or those who play poker or both?
Also, what amount would qualify for "HUGE winnigns."
good point...IMO most smalltime-medium players and recreational players really do not have much a chance of being audited thats my opinion on it. They are going after the PRO gamblers that do not pay taxes on HUGE winnings..I think most pro gamblers DO pay there taxes.<HR></BLOCKQUOTE>
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by STRUT888/FISHHEAD:
The odds of being audited raise every year....not enough man power at the IRS. Read yesterday in Forbes it is now 1 in 632!<HR></BLOCKQUOTE>
so, we should only pay taxes once every 8 lives of so
The odds of being audited raise every year....not enough man power at the IRS. Read yesterday in Forbes it is now 1 in 632!<HR></BLOCKQUOTE>
so, we should only pay taxes once every 8 lives of so
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>You really think most pro gamblers pay taxes?
I always thought it was the other way around.
Most pros wouldn't just because there is such a low chance of getting busted. Also when you say pro gamblers, are you referring to sports bettors or those who play poker or both?
Also, what amount would qualify for "HUGE winnigns."
<HR></BLOCKQUOTE>
Red I would think BIG winnings per year would be over 25K but thats just my thoughts as im just a small time recreational gambler..I could be way off, not sure on poker players that play at pokerrooms at people houses or such.
I always thought it was the other way around.
Most pros wouldn't just because there is such a low chance of getting busted. Also when you say pro gamblers, are you referring to sports bettors or those who play poker or both?
Also, what amount would qualify for "HUGE winnigns."
<HR></BLOCKQUOTE>
Red I would think BIG winnings per year would be over 25K but thats just my thoughts as im just a small time recreational gambler..I could be way off, not sure on poker players that play at pokerrooms at people houses or such.
Feds are getting agressive about going after pro gamblers. Several poker players I correspond with in California and Arizona have been audited this summer for past years. The IRS wants to make money on every audit they do, and gamblers are an easy target.
As for the bank statements. In most cases the IRS will request that YOU provide them with your past monthly bank statements. Those statements do not include checks that you cashed. If the IRS is going after you hard they could go to your banks and likely get info on recently cashed checks, but that is not the norm.
It is my understanding that not all banks handle check cashing the same. My local bank notes who the check was cashed by and these records are kept seperate from the account information. They don't even do it electronically, so they would have to go through all of them in order to provide a history of check cashing. But if a check comes back they have to go to that check in the their system and then charge the customer. But this is a small bank, and large bank could easily get screwed by people cashing checks with enough funds in the account and then withdrawing the money. So I am guessing large banks handle it differently and link these check cashing to the account, but I don't know.
As for the bank statements. In most cases the IRS will request that YOU provide them with your past monthly bank statements. Those statements do not include checks that you cashed. If the IRS is going after you hard they could go to your banks and likely get info on recently cashed checks, but that is not the norm.
It is my understanding that not all banks handle check cashing the same. My local bank notes who the check was cashed by and these records are kept seperate from the account information. They don't even do it electronically, so they would have to go through all of them in order to provide a history of check cashing. But if a check comes back they have to go to that check in the their system and then charge the customer. But this is a small bank, and large bank could easily get screwed by people cashing checks with enough funds in the account and then withdrawing the money. So I am guessing large banks handle it differently and link these check cashing to the account, but I don't know.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by lakerfan:
Feds are getting agressive about going after pro gamblers. Several poker players I correspond with in California and Arizona have been audited this summer for past years. The IRS wants to make money on every audit they do, and gamblers are an easy target.
As for the bank statements. In most cases the IRS will request that YOU provide them with your past monthly bank statements. Those statements do not include checks that you cashed. If the IRS is going after you hard they could go to your banks and likely get info on recently cashed checks, but that is not the norm.
It is my understanding that not all banks handle check cashing the same. My local bank notes who the check was cashed by and these records are kept seperate from the account information. They don't even do it electronically, so they would have to go through all of them in order to provide a history of check cashing. But if a check comes back they have to go to that check in the their system and then charge the customer. But this is a small bank, and large bank could easily get screwed by people cashing checks with enough funds in the account and then withdrawing the money. So I am guessing large banks handle it differently and link these check cashing to the account, but I don't know.<HR></BLOCKQUOTE>
Thanks for the info. Considering what you said about the feds going after gamblers, I can't see any reason why a person would claim any winnings and/or say on their tax return that they are a "professional gambler". I think you are just asking to be audited if you claim winnings and or say you do this for a living.
Feds are getting agressive about going after pro gamblers. Several poker players I correspond with in California and Arizona have been audited this summer for past years. The IRS wants to make money on every audit they do, and gamblers are an easy target.
As for the bank statements. In most cases the IRS will request that YOU provide them with your past monthly bank statements. Those statements do not include checks that you cashed. If the IRS is going after you hard they could go to your banks and likely get info on recently cashed checks, but that is not the norm.
It is my understanding that not all banks handle check cashing the same. My local bank notes who the check was cashed by and these records are kept seperate from the account information. They don't even do it electronically, so they would have to go through all of them in order to provide a history of check cashing. But if a check comes back they have to go to that check in the their system and then charge the customer. But this is a small bank, and large bank could easily get screwed by people cashing checks with enough funds in the account and then withdrawing the money. So I am guessing large banks handle it differently and link these check cashing to the account, but I don't know.<HR></BLOCKQUOTE>
Thanks for the info. Considering what you said about the feds going after gamblers, I can't see any reason why a person would claim any winnings and/or say on their tax return that they are a "professional gambler". I think you are just asking to be audited if you claim winnings and or say you do this for a living.
