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Taxes and NJ poker

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12-30-2013 , 10:07 PM

Akimka

adept

Join Date: May 2004 Posts: 1,108

Quick question about paying taxes from winnings:

1. How you calculate your income? Will PartyPoker send me W-2G or I have to do it myself from Holdem manager (old school way)?
2. State taxes. Do I have to pay NJ tax? I am PA resident but play from NJ.

12-30-2013 , 10:35 PM

stickman2

adept

Join Date: May 2012 Posts: 885

Sorry I cannot answer any of your questions and do not intend to derail your thread but have a question.

I was not going to file my borgata online action separately, but with all my gambling expenses, is this allowed? I always assumed it was your net amount for the year in NJ, I do not play for a living and just play recreational so it not a huge deal.

01-07-2014 , 04:49 PM

Lego05

Carpal \'Tunnel

Join Date: Mar 2006 Posts: 24,904

U.S. income tax thread:

http://forumserver.twoplustwo.com/57...-poker-740589/

However, I don't think it deals much with state income taxes, only federal. And I have no idea what any of these NJ sites are going to do with respect to reporting anything and sending people tax forms or not doing any of that.

NJ is a pretty easy state to report amateur gambling income though. You can just net all of your gambling wins and losses and there is one line on the NJ return to put the net number. If it is less than $0, then I think you just don't put anything.

01-07-2014 , 06:47 PM

phenom.36

grinder

Join Date: Jul 2010 Posts: 429

NJ state income tax clarification: You report your net gambling winnings on that line of the return. You can deduct losses but unlike the federal return you cannot claim a loss overall (so if you lost money gambling for the year, you'd just put $0).

Pennsylvania residents with NJ gambling income need to file a non-resident return as the reciprocal agreement between the states only covers wages. In this case you'd have to list all income earned in column A, and New Jersey income in column B.

01-08-2014 , 09:29 AM

x18robbase

grinder

Join Date: May 2009 Posts: 522

Ok what if I won playing online but lost playing live? Ex: live events with receipts, lottery tickets and scratch offs! I keep everything in a shoe box just Incase

01-08-2014 , 09:31 AM

x18robbase

grinder

Join Date: May 2009 Posts: 522

[QUOTE=x18robbase;41695400]Ok what if I won playing online but lost playing live? Ex: live events with receipts, lottery tickets and scratch offs! I keep everything in a shoe box just incase! Does that account for enough proof to say that I lost this year overall?

01-08-2014 , 10:51 PM

phenom.36

grinder

Join Date: Jul 2010 Posts: 429

Quote:

Originally Posted by x18robbase

Ok what if I won playing online but lost playing live? Ex: live events with receipts, lottery tickets and scratch offs! I keep everything in a shoe box just Incase

Can't speak for federal taxes, but I believe that would be enough proof for the state.

01-09-2014 , 11:11 PM

wildman75

grinder

Join Date: Feb 2009 Posts: 546

I would like to know why on wsop.com...if you win over the $5k amount they withhold your winnings until you fill out the appropriate tax forms where on party/Borgata they instantly put the $ in your account. Figured all sites would have to follow the same procedures on stuff like this. Might lead some people away from wsop and to party for obvious reasons.

01-11-2014 , 05:15 AM

Lego05

Carpal \'Tunnel

Join Date: Mar 2006 Posts: 24,904

Quote:

Originally Posted by Lego05

Quote:

Originally Posted by phenom.36

You said "clarification", but from what I see, you didn't say anything different from what I said.

Though, there might be some confusion from professional reporting and non-professional reporting.

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