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| This is a discussion on casing out and taxes within the online poker forums, in the General Poker section; i have finally reached apoint where i should be able to cash out $60 to $100 per week took me 3yrs. to get here. if ... |
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#1
15th January 2011, 11:56 PM
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| casing out and taxes i have finally reached apoint where i should be able to cash out $60 to $100 per week took me 3yrs. to get here. if i do this say 40 times this year will i owe any taxes? thanks in advance. |
| Play Texas Hold'em Online Poker | casing out and taxes | |
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#2
16th January 2011, 12:46 AM
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| How are you cashing out? Bank wire, check? To be honest if the sums are that low I wouldn't bother reporting it. If you're cashing out 1k a week you might consider becoming an LLC and writing off losses/expenses etc and doing it the legit way. |
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#3
16th January 2011, 12:53 AM
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| re: casing out and taxes poker always keep great records and report your winning. And pay your taxes. It is not worth the hassle if the irs catches you. |
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#4
16th January 2011, 1:26 AM
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| I would agree that the amount is not big enough for the IRS to go after. If you get a big win and take out over 10k then you would need to make sure it is reported. |
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