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Rake as tax deduction? Rake as tax deduction?
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06-16-2010 , 02:25 AM
#1
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icracknuts
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I didn't see in the sticky if u could deduct rake from taxes. I claim rakeback as winning, but if it only 33% can i claim to other 77% as an expense? I will file under professional gambler which means I pay SE tax. Thx for any help
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06-16-2010 , 03:24 AM
#2
Niediam
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You could of you also declared the rake as income... but I don't know of anybody who does that or see any advantage of doing so.
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06-16-2010 , 04:12 AM
#3
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Quote:
Originally Posted by Niediam
You could of you also declared the rake as income... but I don't know of anybody who does that or see any advantage of doing so.
Yeah I found the flaw in my thinking thx. I was thinking you could deduct from earning, but you would have to first add it in, the deduct it back out... First year as pro, so thats my excuse for being a moron.
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06-16-2010 , 04:43 AM
#4
thenextlevel1
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nice try... my dad tried to convince me that I didn't have to pay taxes on rakeback money because it was just me getting paid part of the rake I had already paid. LOL
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06-16-2010 , 09:42 PM
#5
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you think 33 + 77 = 100 and you have winnings from poker?
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06-16-2010 , 10:20 PM
#6
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Quote:
Originally Posted by rbracco
you think 33 + 77 = 100 and you have winnings from poker?
Yeah, any idiot can profit from poker...there is always a bigger idiot out there.
facepalm.jpg
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06-16-2010 , 10:28 PM
#7
thenextlevel1
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probably just a typo....
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06-18-2010 , 03:11 AM
#8
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Well just my 2 cents here, i guess if the game would have been rake-free, the money would have ended up in as our bankroll.
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06-18-2010 , 10:40 AM
#9
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Quote:
Originally Posted by dylanzero
Well just my 2 cents here, i guess if the game would have been rake-free, the money would have ended up in as our bankroll.
True. We'd have higher earnings and would have to pay taxes on the increased winnings.
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