Topic: Gambling income - is there an increased chance of audit?

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Posted at July 12, 2005, 4:23 am:

Someone I know is wondering.

He's done well playing poker, making almost 10k in the past 3 months alone. He's planning to pay taxes on everything he earns. However, the guy hasn't been upfront with the IRS in the past, and he's afraid that a high gambling income would cause him to be audited.

He estimates that he'll make at least 25k from poker this year, which would add about 33% to his total income. Would reporting that much draw extra attention from the IRS?

Original of the message was taken from http://www.bonuswhores.com/phpBB2/

Replies:

Last year was the first in which I had substantial income from gamblin...

come on, there's no reason to refer to yourself in 3rd person.

Well CHE is wondering the same thing! CHE will be looking into it fur...

It's not me.

Sounds like a crapshoot.

I'd imagine "miscellaneous income" to the tune of 25k for someone with...

My main point is I have yet to know or even hear of ANYBODY who has go...

I wouldn't be concerned unless his "past" tax issues were in the last ...

Deleted

On the other side of this, don't cheat yourself.

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