Ep 511 - Chats: Zak Zimbile on Taxes for Poker Players

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 factors 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, of tracking your wins and losses, about knowing what kinds of 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 of course 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! Find Zak on his website or on Twitter: Website: https://www.zakthecpa.com/ Twitter: @‌ZaktheCPA We also go over this week's home game results and discuss these topics: How to help us out - https://rec.poker/support/ Home Games - https://rec.poker/homegame/ Go Premium! - https://rec.poker/premium/ Timestamps: 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 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 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 Find our free videos at: http://youtube.com/c/RecPokerCommunity Join the Discord group here: https://discord.gg/9aYSMCCfpv Find more info on our sponsors at: https://RunAces.com RecPoker is a vibrant and encouraging poker learning community. We are committed to learning the game, but our priority is building healthy relationships where we can not only grow in the game, but grow in our enjoyment of life. The free membership website at rec.poker is awesome, but it's just a tool to help us build that community. You can join for FREE, giving you access to the groups, forums, and other member benefits. If you want to enjoy the premium content, or become part of the RECing Crew, those options are available and you can get $10 off your first payment using the code RECPOKER. Music by Peter Troolin, [email protected]