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[QUOTE="PurgatoryD, post: 1755050, member: 43498"]
You should consult a tax attorney and/or tax professional. Even if it costs you an extra month in penalties, you'll get the paperwork right and that's worth FAR more in the long run.

As for your quarterlies, there's a bit of a philosophical question wrapped into that. If the government considers poker to be a "game of chance", then how can you possible determine how much you're going to make this year? How much, for instance, would you pay in quarterlies if there's a chance you might win a multi-million dollar lottery?

I would consult the tax experts on that one, but I suspect that a reasonable strategy might go something like this: for a given quarter, make a payment on the money won that quarter. So your payments will fluctuate, but they'll loosely follow your progress.

Also, if you are declaring gambling earnings, you can deduct gambling losses if you itemize. Depending on other possible deductions such as home mortgage interest, dependent children, IRA contributions, etc. that may or may not help you.

Good luck to you, and let us know what the professionals advise!
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