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Filing Poker Winnings through S Corp in New Jersey

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03-07-2016 , 07:07 PM

duathlon

centurion

Join Date: Jun 2006 Posts: 110

Did anyone here create an S Corp for New Jersey poker winnings and file taxes that way? I'm considering doing it for 2016. March 15 is the deadline for this year.

03-08-2016 , 12:52 AM

Gags30

veteran

Join Date: Apr 2008 Posts: 2,428

As with everything tax related: you should speak with an accountant before making any major decisions regarding taxes

03-08-2016 , 09:10 AM

duathlon

centurion

Join Date: Jun 2006 Posts: 110

Gags, do you file as a schedule C sole proprietor or do you file as an S Corp?

03-09-2016 , 01:39 PM

Gags30

veteran

Join Date: Apr 2008 Posts: 2,428

I don't mean this to be rude in any way, but the way I file is not relevant, and you should discuss your own situation with a tax professional.

This is easily the best advice you will get, as each person's tax situation is different and can vary. I would not want to lead you astray in something as important as taxes

03-09-2016 , 03:48 PM

JasonP530

veteran

Join Date: Dec 2003 Posts: 2,323

Quote:

Originally Posted by Gags30

+1. You need to take advice from a licensed professional versed in the area you need.

03-09-2016 , 06:38 PM

duathlon

centurion

Join Date: Jun 2006 Posts: 110

I'm sure you response is well intentioned but these responses add no value.

I'm aware that people do this, and I've talked to my accountant about it, but he wasn't sure if there was anything in New Jersey law that would apply specifically to this for a poker player. That was the point of my question.

So if anyone has a useful response I'd be glad to hear it.

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