This week Jim Reid and the RecPoker RECing Crew interview Zak Zimbile on Taxes for Poker Players. Even as a recreational player, YOU SHOULD LISTEN TO THIS EPISODE – Zak shares a TON of interesting information about how you can take the best possible care of your bankroll, and remain in compliance with the tax requirements of various jurisdictions. Everyone on the panel learned a thing or two about the importance of keeping good records and of tracking your wins and losses. Zack also talked about what expenses you can write off against gambling winnings, what you can do throughout the years so that the filing deadline isn’t such a hassle, and a lot more! Plus we give away a free prize at the end for folks in the YouTube chat. Join us LIVE on YouTube next Monday at 7:30 ET for free to ask our guests questions in real-time, and you can win too!
Did you know that Zak is also an occasional Cardplayer Lifestyle contributor? You can read his articles here.
Find Zak on his website or on Twitter:
We also go over this week’s home game results and discuss these topics:
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|00:16||Welcome & Introduction|
|03:34||Introduction to Zak Zimbile|
|04:16||Zak on what led him into his niche: poker taxes|
|08:46||Record keeping is important|
|11:10||Using cards (in registration) in rebuilding past sessions for records|
|13:50||Tracking your sessions: put yourself in the casinos place|
|17:59||Zak: you do have to be a pro to deduct any expenses related to your play|
|28:03||Filing a state tax in every state you play|
|30:38||What Canadians should keep in mind when traveling to the US to play|
|41:33||What happens after winning a progressive jackpot in a casino?|
|44:09||Zak talks about marginal tax rate|
|01:01:46||John: Home Game Result updates|