Online Poker & Taxes(US)

I've unfortuanatly am fortunate enough to pay taxes on about 10k of what I won recently when I cash the checks I get...if that makes sense. Anyways aftr talking to zachvac about some things I did a little more research and found this site whichI thought was nice...so here it is hope it helps others in the future...I think AG had a thread also on him technically being a pro and paying taxes also.

Tax Aspects of Online Gambling

Harsh to have to part with some of it Curtis.

Move over here to the free world imo.

I'm sure its going to something good Rex

Cant you cash out $600.00 at a time? that should avoid the wrath of the tax man

appearantly even iif you dont cash out, you have to pay taxes on money earned...so if I kept it all online it still wouldn't matter....they wouldnt know I had the money...but ti would be the right thing to do

Wrong.
Correct.

You pay taxes on income you earn, not money you cash out. If you win $1 in a 2nl cash game, and keep it online indefinitely, you have to report that $1 as part of your income when you file your taxes. Not all people do, but the people who don't are committing tax fraud, which fwiw has NO statute of limitations (ie they find out in 50 years they could press charges, and you'd probably end up paying interest on it as well over the 50 years).

Folding to me when I push is also the "right thing to do", but I dont see that happen very often

FINALLY!

The good part about being a donk ........ you don't have to PAY ANY TAXES!!

woot.

LOL!

Add another one to the list of illegal activities that I've seen endorsed by a few members here:

• Underage gambling
• Underage drinking
• Software and literature piracy
• Illegal drug use
• now- TAX FRAUD

Reminds me of a saying I learned years ago (about 1992) that has stuck with me ever since I heard it. I actually heard it while I was in training to sell door-to-door annuity insurance (like AFLAC, but not AFLAC). They were telling us the story of Evel Knievel, who worked for their company selling insurance before he became famous. They told us he needed money pretty badly so he made up fictitious customers and claimed he sold them policies. Back then, they billed the customer later, but Evel got paid his commission immediately. He was eventually caught, fired, made to pay back his ill-gotten gains, but not prosecuted. So now they make the salespeople collect payment at the time of the order, but some salespeople still try to cheat the system with fake policies for commission and always get caught. So the saying they taught us coming from this story was:

"Do the right thing because it's the right thing to do."

Not because you might get caught. But because it's RIGHT.

fyp!

har har taxes my government prolly doesnt know I exist