Online poker taking tax out?

I am playing at pokerstars.If I was making 300.00 a week online poker and wanted to withdrawl 150.00 from my poker account.They say they will mail me a check cause I live in the us.Dont I have to put money aside out of the 150.00 for taxes like a paycheck.I mean Should I open up a checking account just for the irs at the end of the year.But then that money will be sitting in the bank and I can only stare at it.I am a us citizen playing poker online for real money is legal isnt it.I mean the irs wont tell me sorry but all this money you made is illegal will they. help....

I think the real question is, do you make $300 a week?

If not I really wouldn't worry about it.

I don't think so. Not for such a small about.

by the letter of the law, any income you have is to be reported and any tax due on that income paid...... ie: it's up to you to report the income yourself, even if no one else (poker site, bank ect) reported it for you

go to irs.gov and do some reading, or consult a tax professional

as of right now, as far as I know, the poker sites aren't issuing 1099g forms upon withdrawal of winnings

but if anyone has, or anticipates large withdrawals....it's a good idea to document every penny .......
all deposits on all sites,
any money wagered anywhere like a casino, horses, dog track, lottery tickets.....everything.
that way you'll have a record of losses to offset any winnings...even go back and try to document past deposits at sites as well as losses at other live venues

the poker sites may not report things now, but with pending legislation, who knows what's coming.... it's possible that a new law could come into effect at the end of a year that covers the entire year (so some past withdrawals might get reported, and you'll be on the hook for any tax due)


also, your financial institution may report some deposits to the irs depending on amounts deposited, or certain methods of deposit (like depositing checks from poker sites or online payment processors)
something they dont do now, they may be doing in the near future, and past activity may come under scrutiny

in the end, if your not regularly making large deposits into a bank, and aren't withdrawing more than a few thousand per year.... not much to be concerned with......can easily offset a few k in winnings with losing horse, lottery tickets









(there's trash cans full of nothing but losing tickets anywhere near any betting windows )

so i guess I will keep a spreadsheet of my buy ins wins losses tourny id time and date.So in case the irs ever needs to see proof of my winnings Ill have it to show.Let me ask a question what if a player at pokerstars wins a 25.000 tourny.Then cashes out and spends all of it.Will the irs then say they want there cut even if you dont have a dime to give.

If you spent your entire paycheck after getting it, before taxes were taken off, would they still want their cut?

OF COURSE THEY WILL !!!!!!

I propose we all vote for a new tax law: If you spend all your money before you pay your taxes---then you get a "waiver"!!

HEHE

Gambling is the one thing the UK govenment dosent tax!!!

That would make a beau-waiver out of me ...