S2KI Honda S2000 Forums - My friend is a Pro poker player

Quote:

Originally Posted by domdten,Apr 9 2007, 04:51 PM

how can you declare losses if there is no way to prove it? cash games at casinos don't give you receipts after you changed out cash for chips. they don't give you a receipt when you cash your chips for real $$$..

The same way you declare your cash charitable contributions: you fill in the appropriate number in the appropriate box on Form 1040, Schedule A.

Quote:

Originally Posted by domdten,Apr 9 2007, 04:51 PM

if he won $350,000 in a long period of time...how can the government tax him on the yearly basis?

Surely you're not advocating that he avoid paying tax simply because it might be difficult to calculate.

Quote:

Originally Posted by domdten,Apr 9 2007, 04:51 PM

also, they have no way of know he has that money in the first place and if all the money belongs to him if there is no record of him collecting that money.

Surely hou're not advocating that he avoid paying tax simply because the federal government hasn't been notified of his winnings.

Quote:

Originally Posted by domdten,Apr 9 2007, 04:51 PM

right?

I wouldn't want to gamble my freedom on the chance that Feds aren't going to find out. Would you? Should he?