Sunday, October 21, 2018

IRS Daily Tournament Record


I'm still waiting to be able to play online poker again.  Holdem Manager has not yet matched their code to the recent Juicy Stakes Poker update, so I can't use my HUD (see previous post) and I'm not going to play without it.  I did get one small victory.  I had not been able to print my IRS daily tournament spreadsheets (see below), but I finally worked out that glitch yesterday.

Almost all income is taxable in the United States,* including income from playing a game, whether that game is professional baseball, a Scrabble tournament or poker.  Poker is my job, which for income tax purposes makes me the owner of a Schedule C business.  I have to provide information about my business income and losses.

For poker players there are other complications that I won't go into here, but the bottom line is that I want to be bulletproof if the IRS has any questions.  I use sheets like the one below, with each of the six large boxes showing all of the information for one tournament.  I have these records online as well, but the IRS loves documentation, so I'm prepared to hit them with a lot of paper which shows my numbers for every one of the hundreds of tournaments that I play in a year.  It's not a lot of work for me, I just fill it in after every tournament.

As always, your questions and comments are welcome (see box at the bottom of the page.)

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*The only exceptions that I am aware of are income from tax-free municipal bonds and military pay earned in a combat zone.








































Date

Date

Date
Poker site

Poker site

Poker site
Tour. Number

Tour. Number

Tour. Number
Start

Start

Start
End

End

End
Hours

Hours

Hours
Finish place

Finish place

Finish place
Players

Players

Players
Buy-in

Buy-in

Buy-in
Rebuys

Rebuys

Rebuys
Add-ons

Add-ons

Add-ons
Re-entries

Re-entries

Re-entries
Cash

Cash

Cash
Bounties

Bounties

Bounties
Bonus

Bonus

Bonus
PROFIT/LOSS

PROFIT/LOSS

PROFIT/LOSS
Rake

Rake

Rake
FPPs

FPPs

FPPs
















Date

Date

Date
Poker site

Poker site

Poker site
Tour. Number

Tour. Number

Tour. Number
Start

Start

Start
End

End

End
Hours

Hours

Hours
Finish place

Finish place

Finish place
Players

Players

Players
Buy-in

Buy-in

Buy-in
Rebuys

Rebuys

Rebuys
Add-ons

Add-ons

Add-ons
Re-entries

Re-entries

Re-entries
Cash

Cash

Cash
Bounties

Bounties

Bounties
Bonus

Bonus

Bonus
PROFIT/LOSS

PROFIT/LOSS

PROFIT/LOSS
Rake

Rake

Rake
FPPs

FPPs

FPPs

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