Quote:
Originally Posted by MBomb
There is only a taxable event when income is realized.
Yes, and when you push allin for $100, win, have $200 in your stack, and log off, that money was instantly realized and should have taxes filed on it the following year. When I filed my poker taxes, I had all my sessions listed by profit/loss by days (some even do literally every session/table). The money was earned and there. You should have paid taxes on it.
But, yes, if you DIDN'T, seek a professional to try to clean it up later better than never.
The fact the money was stolen or not returned does not mean you did not earn it and should not have paid taxes on it. It is that very basis that we are all fighting to get the money back in the first place - it was earned and it's ours.
Again, if I'm missing some loophole or rule that someone who actually practices tax accounting knows about, I'm willing to look or read what they have to say to educate myself, but from what I know, I thought it was straight forward.
Last edited by Phatty; 09-16-2013 at 03:49 PM.