How much you keep depends on the tax bracket you are in to begin with. As far as declaring losses with tickets you find on the floor, be careful with that one, it's trickier than it appears. You should be able to get a statement from the on-line card room on how much you deposited. TalkingPoker is right, you pay tax on the winnings. You will not get any tax form from them, in a OTB you would get a WG2 form stating the amount won. Since you don't have this from an offshore account you simply put how much profit you made in the spot on your return where it specifically asks for gambling winnings. The IRS will probably take your word for it, but I would try to get a statement from the offshore site about deposits just for your records. Pete Rose was guilty of alot of things, but he only went to jail for tax evasion, do not mess with the IRS.
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10-25-04, 02:34 PM
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