Sep 15
Buy a New House Playing Online Poker
Hope this offer does not sound too good to be true to you. Yes, it is possible for you to get enough money from playing online poker and using it to buy your favorite house in Miami or Florida. First, you must know the tricks of playing online poker and second, you need to have a dream house.
Online poker games most times are not necessarily about who is best (that is if you are playing with someone else), it is most times a matter of who knows how to read the game better. For you to become a good moneymaker from playing poker online you need to know how to read the game of poker. Once you know how to do this, you have just commenced your journey to buying your vacation house.
The next thing you need to know is – what games of poker should I play. The best game where you could make good money from is the texas holdem game. Play a game of texas holdem at one of the very good texas holdem or poker gaming websites to access your level of understanding of the texas holdem game. If you do not know how to play the game of texas holdem then go and learn.
Before commencing your search on the best poker room for you, it is important you know what you want from such poker room. Do you love playing your poker games on the go? Are you ready to use real money instead of virtual money? Are you able to download software on the pc to be used? Are you good at poker playing?
All the afore-mentioned questions should be asked before you begin your search for the perfect poker room for you. On the internet, there are so many poker rooms for you to choose from and the best way for you to get utmost satisfaction from online poker
vipin
http://www.articlesbase.com/online-gambling-articles/buy-a-new-house-playing-online-poker-297170.html
4 Comments so far
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I gambled online and won $5000 from playing poker online.?
But I lost it all back at the casino near my house. The online poker money is recorded and sent to my checking account. However, I don’t have record of me losing the 5000 to the casino. Do i have to pay taxes
also, assume that I could get record from the casino that I lost 5000. do i still have to pay taxes, since 5000-5000=0 income
I think you have to pay for an income tax on your $5000 won from the poker but your loss is non deductible because it is not supported by a proper documents.
References :
You should be able to prove the loses somehow. The money had to come from somewhere so there should be a paper trail of some sort. You bank statements should show the withdrawls.
References :
The full $5,000 should be reported on page one of your Form 1040 as miscellaneous income. The $5,000 loss needs to be deducted on Schedule A (Miscellaneous Itemized Deductions) that are not subject to the 2% of income reduction. The IRS will accept a taxpayer log to deduct your gambling expenses. They’ll be looking for the location, date and time you were gambling, the type of betting you were doing, who you were with when you were gambling, and any supporting documentation of what you spent (like ATM withdrawals, checks written to the casino, etc.). Go to the IRS website at http://www.irs.gov and look up Publication 529 if you need more specifics.
References :
cpa