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Poker Taxes(canada) and some stuff tldr! |
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27s Canada. Mar 27 2008 00:30. Posts 87 | | |
In 2007 I think I made around $6K playing poker. I transferred at least $1k to my Dad on PS to pay back a loan. The rest was in cashouts from PS and and Absolute. Should I claim this? I plan on making more money playing poker than anything else in 2008. Im a self employed cleaner with a few small monthly contracts. I just gave notice to one of my clients which makes up $1k of my monthly income. Reason is the hours there are late. Im there now. Its 2:15am here. Takin a quick break =). I can make just as much money per hour playing $25NL with rakeback and not have to drive to this place. I've been beating $50NL solidly for the past 100k hands and am currently beating 100NL for about 3.5 times my hourly rate at this contract.
Leaving this contract will put some more pressure on me to play more poker and play well as it will now play a bigger roll in subsidizing my lifestyle. It also puts me closer to not having to work evenings at all. After this contract is gone, I have a $700 per month contract where I go out for 5 nights a week usually starting at 9pm and ending at like 11:30. The money sucks but the work is really easy. So long as I continue to run well, which I really dont doubt since I play tons of hands per month and am a bankroll nit, I should be able to give notice to that contract in May.
This means that by June, I will no longer be working nights. This means that by June I can have co-custody of my daughter - the apple in my eye, sunshine of my day, reason for living etc. I'll still be making from my other daytime work enough money to survive - pay rent, car payments, and monthly debt and eat. I estimate that my monthly rakeback from playing more hours will also be enough to support me and my daughter on its own.
Ok. Im rambling. TLDR. Back to taxes. I need some insight from some people who have been pro for awhile. Has anybody here been audited? Anybody get a hard time from the government? Any particular qualities I should be looking for in an accountant for this stuff? What about write offs? Can you treat it like a business? Obviously internet connection is a write off or should be. What if I decide to go to the casino and play live? Can I write off my losses there - not that I will. Would I ever have to show my PT DB to CRA? Basically Im just looking to hear anybody and everybody's experiences good or bad to give me a heads up on what to expect when I file my taxes. I suppose I wouldnt mind hearing from some U.S pros as well.
K, gotta go and finish up some vacuuming and shit. Holla.
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Loco Canada. Mar 27 2008 00:35. Posts 20963 | | |
don't worry about it for now, your not even close to making enough money for it to be considered a job/business. u can just say its a hobby. |
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| fuck I should just sell some of my Pokemon cards, if no one stakes that is what I will have to do - lostaccount | |
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| Have you ever wondered which hurts the most: saying something and wishing you had not, or saying nothing, and wishing you had? | |
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Critterer United Kingdom. Mar 27 2008 05:37. Posts 5337 | | |
no idea about taxes, gl tho~ |
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| LudaHid: dam.ned dam.ned dam.ned. LudaHid: dam.ned northwooden as..hole | |
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PetrBlaha Czech Republic. Mar 27 2008 05:50. Posts 524 | | |
sorry for OT but this really bugs me,what does TLDR mean ? =) |
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| VisionTek 900228 Radeon HD 3870 X2 1GB 512-bit GDDR3 PCI Express 2.0 x16 HDCP Ready CrossFire Supported Video Card | |
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Twisted  Netherlands. Mar 27 2008 06:01. Posts 10422 | | | |
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| Have you ever wondered which hurts the most: saying something and wishing you had not, or saying nothing, and wishing you had? | |
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I think you were the one that actually convinced people, because of your situation, that its better to grind lower stakes online than to work due to when you can put in the hours to work around your life.
I still say its too early to give up on a steady income, but to each their own.
Regarding taxes, I went to H&R block last weekend to get mine done. The guy who filed my taxes simply told me that in Canada, right now its considered a game of chance much like the lottery so he didn't even put my winnings anywhere in the return. He did say to keep the cheque stubs or w/e though.
fwiw, I cashed out around $22k last year from poker. |
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| Im only good at poker when I run good | |
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Oly United Kingdom. Mar 27 2008 07:08. Posts 3585 | | |
very much respect, I hope it goes well... |
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| Researchers used brain scans to show that when straight men looked at pictures of women in bikinis, areas of the brain that normally light up in anticipation of using tools, like spanners and screwdrivers, were activated. | |
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