Please help a procrastinating moron finish his taxes before the deadline. Some questions regard - Poker Legislation

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Please help a procrastinating moron finish his taxes before the deadline. Some questions regard

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04-11-2015 , 01:55 AM

billburr

journeyman

Join Date: Nov 2013 Posts: 223

Hi can i please get some clear answers on a situation like this. If I made $80k from poker in 2014. And i got a ftp remissions payment for $100,321.
But on that $100,321. Only $60,321 is profit. And I have proof i deposited the $40k from already taxed money from previous years(bank statements and such).
Can i just say my total taxable income as a pro for 2014 is ($80k+$60,321)? Also on the tax forms, would i have to specifically mention the numbers "$100,321" or "60,321" anywhere? Please and thanks in advance.

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04-11-2015 , 05:09 AM

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

You only need to report on the portion of the remissions payment which represents winnings that you have not yet reported in prior years. You can include that winnings figure together with your winnings from 2014 on a Schedule C as one combined figure, as a professional player.

See the US Taxes Sticky for details regarding the proper ways to document and report winnings and losses.

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