Yes aggregated. I was just trying to show how hard it is to realize the bonus from depositing.

Hey everyone incase you have not heard RAWA has been reintroduced into congress thx to Sheldon Adelson as most of you might already know this is a huge threat to NJ Poker as we know it. You can read more about it here.

http://www.reddit.com/r/poker/commen...now_grab_your/

The amazingly frustrating thing is there not much we in NJ can do about the politics of it. Our future is going to be decided by politicians outside of NJ that we don't have the option of voting out of office. I could write to all my government representatives, but they're all already against this. We need the people in the districts of the people who introduce and support these laws to take action.

There are a few things that everyone reading this should do.

Write to Senators Booker and Menendez and ask them not just to vote against it, but to filibuster any bill that bans online poker.

http://www.booker.senate.gov/?p=contact

http://www.menendez.senate.gov/contact/

Also, write to Obama now and ask him to veto an online poker ban if it comes to his desk. Then, if the bill gets through Congress, write him again.

http://whitehouse.gov/contact/

I'm not saying don't do those things and I've written and called Menendez several times since 2011, but in all honesty, we have very little say in what politicians from other states and the billionaire that owns them is going to decide about our rights.

Just finished writing all of them thx.

If the OP on this thread is to be believed, a disconcerting time consuming angle about online gambling in New Jersey has popped up on 2plus2 - Taxes on Winnings. Looks like it will impact the casino games players more than online poker players. Poker players have a knack of keeping track of their results.

http://forumserver.twoplustwo.com/22...e-w2g-1506396/

Don't know if it would be of any interest, but it certainly would be added fodder for "Adelson's RAWA Bill" to eliminate online gaming in the US. Write your senator and congressmen as stated above.

This is the tip of the iceberg on the handling of taxes. Instead of a simple win/loss calculation the Fed expects Winnings to be reported as income, and losses to be reported as a deduction - two different lines on the tax form. It is not a simple winnings minus losses calculation = net. (Contact your accountant or tax advisor for a complete understanding)

Part of the problem is how confident the players are of software accumulating the information.

Granted, the NJDGE is supposed to be the watchdog for the players, but in lieu of the massive problems on Party/Borgata how can the player be confident that the numbers reported on the 1099 and W2G's are right?

This would especially impact the "recreational players". Picture a rec player getting a W2G for say $2k for winning online slot machines, or in the case of the OP in the forum, black jack, panic is going to set in.

The pursuit of a "fun time" online has now become a worrisome burden on all that have decided to partake of online gambling. Unlike B&M where small winnings are overlooked or win/loss is the total of all wins and losses combined, the tax code places a burden on the online player because he/she has winning being tracked by the online casinos and reported as such. The player has to keep track of the losses.

The first impact will not be felt for awhile, until IRS audits the first unlucky New Jersey Online Player. Hope it isn't a 2+2 participant.

As the first year of the "10 year experiment" in New Jersey, those that played online in 2014 are the Tax Guinea Pigs. And you thought the hard part of playing was getting geo-located??!!

I have a memo out to my entire office that if any online gambling documentation comes in, I would like to see it. I'll let you know what I find.

bump?

Thread is dying

Borgata rep said they don't track peer to peer (win loss for cash games). Only tournament winning over $5000. So good luck if you haven't kept records.

I'm streaming again tonight. Always talking NJ poker stuff with a bunch of regs.

Stewart explains why congress is trying to ban internet gambling:

http://thedailyshow.cc.com/videos/sokn5t/party-pooper

How are tournament winnings even true winnings if they aren't cashed out and used for further buyins/cash games. Pretty sure you only really need to pay on what you cashed out

99.99% sure has nothing to do with amount cashed out. They look at total from all winning sessions and you claim a deduction on total of all losing sessions. Essentially a net win loss but filed the way the previous poster descibed. Then your net won essentially is taxed at about 28%. For recreational players.

nothing is taxed until you hit that withdrawal button

This is not true at all.

By the letter of the law, this is incorrect.

Should things like rakeback and bonuses just be counted as "winnings"?

Online Poker Report piece on Pokerstars and our beloved governor Christie:

http://www.onlinepokerreport.com/154...rs-new-jersey/

hmm thats how I did things prior to the regulated environment, thanks for letting me know. Yes from my understanding rakeback/bonues/what have you do count as winnings.

This just on Christie struggles to carry his own state in presidential election.

How is that accurate when its not "money". Its just a number in a cashier panel that is not in a bank collecting interest and may or may not even be paid to you.

It's based on earned income, you won your profits and need to claim them. Just trying to help and give a heads up. Don't want anyone to get in trouble because they misunderstood.

I think this was posted in this thread previously, or at least one of the NJ threads; but re-posting might be useful. Also, there are probably other tax threads on the site. Not sure how trustworthy it all is, so always be careful to check multiple sources. Good luck!

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