Question on winning a large amount of money online

[Dave B]

When I hit my bad beat, I was careful to note it as a "casino" jackpot, and not a poker related jackpot.

Throughout the year, I would make $1000 ATM withdrawals from the casino, so I had a record to justify any "losses".

I think, not sure, that you cannot deduct travel expenses unless your are a professional player. You are only allowed to offset losses against winnings, not losses and expenses.

[golddog]

I think you're right, Dave. I know a retired guy who travels and plays cards now. He tells me he has to be very careful to book wins and losses for tax reasons, but also the time spent playing poker.

I think it was to show it's his new "job", not just a hobby. Or maybe it was to show that he's not a pro, I don't remember, but there was an aspect of that to it.

[lwestatbus]

If you play to make money - business.
If you play for fun and happen to make some money - not business.

You get to decide until you're audited I guess.

Whether or not I'm having fun varies on a hand by hand basis. Do I have to divide my activities on a Fun | No Fun basis to determine how income is taxed?

[xDiamond_CutteRx]

If you play to make money - business.
If you play for fun and happen to make some money - not business.

You get to decide until you're audited I guess.

Whether or not I'm having fun varies on a hand by hand basis. Do I have to divide my activities on a Fun | No Fun basis to determine how income is taxed?

Meh, if you have a real job, you can list anything you won for Poker under "other gambling income."