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09-01-2014, 08:39 AM

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Originally Posted by buckshotshoey View Post
Anything over 100 dollars is supposed to be claimed as Income......I think. IRS cracking fown on them?
I think the IRS wants income from any source to be taxed. If you find $5 on the ground, it is income to you.

No one would claim it, and there would be no way to prove it.... yet. Big brother might be able to in the future, with all the cameras that are out there. ;-)
  
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09-01-2014, 10:03 AM

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Originally Posted by nobcitypool View Post
I'm not sure not paying is wise. However, I would think in most cases, it would be better to take all the deductions you should have for playing pool and also declare the cash from the money league as income. If you take mileage, table time, food & beverage along with pool cues, chalk, etc., I suspect you will have a decent deduction. If the IRS balks at this, you can always argue then it isn't plausible to treat the prize money as income.

With all that said, contact a real accountant for the correct, professional answer. In general, it isn't a good idea to not declare income on your tax returns. If someone files a W9 on you, that means the IRS has been alerted about this income you got. All it takes is for this to catch the eye of one IRS auditor and you could be in a little bit of trouble.
I did it for years and never had a problem. I would write a check for my entry fees and if the room owner wanted he could just sign it back to me and I would give him the cash.

I deducted my gas and motel costs, food. I never tried to deduct stuff like practice time or equipment but I took everything that directly related to tournament play and travel no matter how small the tournament.
  
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09-01-2014, 10:44 AM

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Originally Posted by liakos View Post
Nobody should duck the tax man! Everybody needs to contribute there fair share so Obama can go on his lavish vacations with his wife and kids while the world slowly burns! We need to pay taxes so the welfare scum of the earth can get there fair share! God knows, out of everybody, that the majority of the welfare and illegal immigrants that rape this country out of money are much more deserving!
Dam you must have been pulling your hair out during Bush's terms

Q: Is it true that George W. Bush took more vacation days than Barack Obama?

A: Yes. Before his two-week trip to Martha's Vineyard in August, Obama's count was 125 full or partial days and Bush's total at the same point in his presidency was 407.


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