| This is a discussion on Income Tax on Poker Winnings within the online poker forums, in the General Poker section; Now I haven't heard anything on the issue, and it seems like it would be a pretty big issue seeing that I'm sure there are ... |
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| Income Tax on Poker Winnings Now I haven't heard anything on the issue, and it seems like it would be a pretty big issue seeing that I'm sure there are a lot of poker players (not me) who are winning big at the online tables. The question is...must poker winnings be stated on an income tax return. Let's say you win some small amount of $300. Must it still be stated? I'm just wondering. It's not like i've won anything haha. |
| Play Texas Hold'em Online Poker | Income Tax on Poker Winnings | |
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The easy uncomplicated answer is...yes, the $300 you win is fully expected by law to be included in your income tax calculations. |
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| Here are a couple of articles that you might find useful on taxes: http://www.pokernews.com/news/2006/3...er-players.htm http://www.cardplayer.com/cardplayer...-poker-players |
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| interesting... Here is an interesting question, though: after reading the articles posted, it makes statements about deposits of $10,000.00 or more. Let's say, for example, that I am making about $300.00 per week. I decide that I want to transfer that profit every week into my bank account. So, hypothetically, if we take $300.00 x 52 weeks = $15,600.00 per year. Will a bank report these deposits to the IRS? In other words, do banks check to see where these direct deposits are coming from and report them without your consent to the IRS if they feel that you are earning money illegally? It seems as though small profits such as these could be no problem, but if you do get audited, you're in trouble. So, assume that other than your poker earnings, you are an honest taxpayer. The chances of you being audited are slim to none in this case...but there is a chance. Of course...if you are in situations where the chances of being audited are high, I would not be trying to earn poker winnings online without reporting them. Thoughts? Ideas? Comments? |
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| I thought it was $600. Quote:
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| re: Income Tax on Poker Winnings Quote:
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| For US players ALL winnings are taxable. Be it $1.00 or $1000.00 you are liable to pay taxes. Here's a few more sites to checkout: http://www.gambling-law-us.com/Artic...mbling-tax.htm http://www.onlinepokerfaq.com/guide/us-taxes.html http://www.taxabletalk.com/posts/1198018566.shtml |
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| What a load of hogwash..... When I have a job, I pay my income tax, it is taken out before I get my hands on it and therefore, I assume what little money is left over, to be my own. What I chose to do with it is my business alone. If I gamble, then it is ME taking the risks (calculated gambles) with MY money, not the government. If I've already paid income tax to get this cash in the first place, why does the government think that they should get a cut when I invest my money in something other than their stocks and shares, and I make a tidy profit on it? (Well... I might do some day!!) It seems to me that governments worldwide, think that they have complete autonomy over its populace and their finances!!! Would they issue me with a tax rebate should I lose my shirt, my home etc. through gambling? Would they bollocks!!! |
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| Let me tell you how it will be, There’s one for you, nineteen for me, ‘Cos I’m the Taxman, Yeah, I’m the Taxman. Should five per cent appear too small, Be thankful I don’t take it all. ‘Cos I’m the Taxman, Yeah yeah, I’m the Taxman. - The Beatles |
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I use a great book that helps me with my poker winnings & taxes: http://stickspoker.blogspot.com/2008...our-poker.html |
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| re: Income Tax on Poker Winnings In the US first it is legally considered income and therefore taxable and reportable. Now with that said when you play at a live casino whether it be cards or slots or whatever they do not have to report it to the Irs unless there is a single payout of $1200.00 or more. So it is your decision on anything less what to do. Be honest and report it all or not and I am sure how you already file your taxes can probably answer that question. |
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The issue here with online poker of course, at least until it is legalized and regulated in the US, is that offshore poker sites are not obligated, and won't, report anything at all the to the IRS. So it's really based on the honor system between you and the IRS (and perhaps your bank, if your deposits trip their reporting alarms). And while you might get away with not reporting small winning today, if the pending legislation to legalize and regulate online poker succeeds -- as I'm sure we're all hoping -- then you can be certain your winnings will be automatically reported to and tracked by the IRS, so you will be paying tax on it regardless. |
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| Damn those taxes. What I find strange is...I had a customer who used to be a chef on a boat (can't remember if it was a cruise ship or personal ship), anyways he cleared over 100K a year and since he was on international waters he paid no taxes. No site is based in the US (that I know of) so wouldn't that be the same thing?? Not that it matters to me cause I suck anyway.lol |
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That said, I would strongly discourage people from contemplating tax fraud of any kind -- particularly where larger sums are concerned (like a 100K/yr salary) -- because the IRS can also be very resourceful. Not only that, but other people with an ax to grind could report you. Banks could get audited. There are a number of ways the IRS could "find out" without direct reporting, however unlikely it may be. If you're going to take a shot at getting away with it, I would certainly keep it to myself and not be posting about doing so on a public internet forum. The evidence could be used against you, and all that. Last edited by dmorris68 : 31st August 2009 at 1:55 PM. |
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| Ok,I know that you can deduct your direct expenses against your winnings. Only if your winnings exceed your losses but can you deduct your other expenses, computer, travel, food, lodging, seminars, as you would in any other business? |
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| I can probably answer for the UK. Unless your trade/profession is poker player, gambling winnings are not taxable income. The point at which playing poker stops being a hobby and becomes a profession, I dont believe is defined specifically anywhere but common sense would dictate that someone who holds down a job and plays in the evenings for fun, even profitable fun, is not exercising a trade or profession On the other hand someone who scheduled their time around poker with the intension of making money to support themselves financially either entirely or partially is doing something completely different. Quote:
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WELCOME TO THE UNITED STATES GOVERNMENT LOL your worried about being taxed on money that you made through gambling, yet your not concerned with the fact that once you get your already taxed paycheck, then you pay sales tax,gasoline tax, utilities tax,and all other taxes that we pay after receiving our paycheck. People have computed this tax stuff and come to a calculation of 70% tax rate on everything we get taxed on it adds up to about 70% rate. If we keep going at this rate then its gonna be hand our checks over to the government and they will give you credits to buy stuff. So keep voting for those school levies and putting idiots into positions of power that can't even balance their own checkbook. |
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#33 | ||||
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| Hmmm . . . would you rather poker become legal in the U.S. and taxed, or it to stay illegal and not pay tax but possibly get in trouble if you deposit large sums of money into your bank account from oversea sites? Hehe, I'd chose the former. |
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