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How does a professional poker player file taxes?

I’ve made quite a bit of money last year playing cash game on the side and I’m thinking of quitting my day job and going full time. How does a professional file and their annual salary? How does the IRS verify the income reported is true? Must you report every cent of your winnings minus the losses?

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This entry was posted on Friday, July 23rd, 2010 at 2:10 pm and is filed under Gambling. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “How does a professional poker player file taxes?”

  1. fasteddy999 says:
    July 23rd, 2010 at 2:41 pm

    Any game you play in that the winnings can be verified would have to be reported (casinos). Games in the back room need not be reported. You should show sufficient income to maintain your life style. If you are winning lots of money and spending it so that there is a paper trail i.e. credit cards, bank accounts. The IRS will eventually catch up to you.

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