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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