This was my first dab into the high stakes world, was thankful to make some money this season.
Just curious, how do you guys generally go about declaring the money on taxes? Do you report it as bonus income and then is it the standard 25% hit?
If anyone could help me with how they work taxes, I'd appreciate it. If you want to send me a PM instead of posting, that's fine as well.
Congrats to everyone on a great year.
Taxes
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larry schechter
- Posts: 113
- Joined: Mon Aug 27, 2007 6:00 pm
- Location: New York
Re: Taxes
It's ordinary income, and you can deduct the entry fees from the winnings.