Poker taxes in Nevada for 2017
Posted by kalmoa
Posted by kalmoa posted in Gen. Poker
Poker taxes in Nevada for 2017
I've been searching around different forums, but I couldn't find the answer to a few of my questions. Some quick facts: I moved to Nevada in May of 2017 to pursue poker. I didn't play it full time, due to complications my wife was having with her health.
1) I won 2nd place online during a WSOP satelitte, and cashed for $8,670. WSOP sent me a W-2G, and stated to report this income on my federal tax return. Is this going to be a separate file from my wins/losses I would file as a professional gambler?
2) I read multiple places that you can't report losses that exceed your winnings. Is this true even for professional gamblers, because this year was a losing year for me. Well, I was actually profiting online, but losing in live tournaments.
3) Since there is no income tax in Nevada, do I only report my wins / losses for my federal return and not my state return? This is the confusing part.
4) Lastly, I am using turbo tax. I assume I will file under "self-employed", but do I get to report all my wins and losses, or just my wins? What deductions can I use as well?
Thanks everyone.
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