Profit/Loss

[2Tone]

Here’s a question for you all. Both online and B&M, there are other factors in total bankroll other than just how much you win or lose at the table in the hands themselves. For example, site bonuses, tipping the dealer, high hand jackpots, even getting paid to post in message boards .

When you guys are calculating win/loss totals, keeping records etc, do you factor everything in, or count “additional” profits/costs separately?

[jimmytheg]

Everything counts. I don't keep specific track of tokes and the rake, but when i count what i end with compared to what i started with, those count. I even count the cost of gas into my records after playing at a casino. But no, i don't keep a seperate category for miscellanious stuff, just count everything towards total wins or losses

[PShabi]

The bonuses or anything that credits my bankroll goes in with my "poker money."

No records of money paid to a jackpot rake are kept. Dealer tips, I just count in with my bankroll. Don't seperate it.

Any food or drink at the tables is kept seperate.

[nutbag]

I think it deponds on what you consider poker. If it's somebody's hobby, then the other stuff I don't think should be considered, but if it's work or a "part time job", maybe it should be. It's been right in the middle for me, but I usually don't. By the way, is travelling costs/tipping and everything like that deductible if you consider poker your job on you taxes? Just wondering.

[jimmytheg]

Yup. If you file your taxes as a professional gambler, you can deduct gas and food and tipping....all are business write-offs. At least that is what I was led to believe by an acquaintance who is an accountant at my local casino.

[SirFWALGMan]

I would have to agree with this assesment. It seems like it would make alot of sense to deduct these items from your wins if you do this professionally. Although I guess if your counting what you have at the end of the night you have already deducted the tips without including Uncle Sam.

[jimmytheg]

That's when you make an "educated guess" wink wink....but this is just second hand knowledge so dont put too much faith in it

[GeoffM]

That's what I mean about the US. When you head to the casino, do they give you a tax receipt or something with your winnings. I mean, say I popper $20 into a slot machine and won $100, how is the IRS ever going to know?

Thank goodness I live in Canada, we don't have these complicated gambling tax problems here. Taxes are an exact science (LMFAO, ahhhhhh...... no).

[PShabi]

so, what if I'm not a professional, use it as secondary income, and still make money. Tax tips?

[GeoffM]

So if you win a grand at the casino, it can go unclaimed? I mean, how would they possibly catch you if you didn't claim it? Do they have 24 hour CIA spies to follow home the lucky winner of a full house with $30 down in let it ride?

[Aequitas58]

I must have missed this thread. I found two sites which might be helpful for all the pros looking to claim their gambling expenses:

Basic


More Advanced


Hope this helps.