US players and Your winnings

Hey all you guys....maybe a dumb question. But when you guys cash out...how do taxes get involved...and what needs to be done? What do you guys do? Just something ive been pretty curious about.

you have to put it on your tax return yourself. You're allowed to put it as "Other income" but there are some restrictions to that though.

Very cool...thanks. Thats what i thought. Does it matter that it internet gambling? Are there laws about that and do you know if you could get yourself in trouble?

From online poker? I had no idea about all that.

what you don't tell will not hurt you....

You can deduct ALL your losses, plus expenses. from your winnings, and would only be taxed on the net. But, you would need some way to document alla this' dificult task for most of us. You'd have to have huge profits, or losses, to make it worth the trouble.

I kind of like things the way they are now, not officially legal or illegal, generally.

I like the idea of winning a huge amount and putting it in a neutral country's bank. The Grand Caymans or Belize maybe and then filtering a little at a time back to the states as I need it.

I think as it is now in the US if more than 5000 dollars is moved or deposited through banking institutions, the financial institution has to file papaerwork with the IRS or Homeland security of who, when, where etc.

At least I think that's the case, I unfortunately don't move that kind of money around and don't know for sure.

If Internet poker is legalized by the US congress we can look for rules and regulations stating that transactions coming from gaming entities may have to file forms identifying the recipiant for winning over a certian amount so it can be taxed.

So on one hand I want it legalized formally on the other hand I don't.

How is it in the UK, Europe or anywhere else any of you might be? Are the authorities informed if you have large winnings so you can be taxed on it?

This stuff is still new and I see a lot of possibilities of government regulation including having a tax paid by the poker site at a fixed rate and they send you whats left. We could eventually have to win 200 in order to cash out 100.

Britan seems to be rather proud of being a base for online gambling. How are they taxing gaming? Are they? Just curious.

bump

tax free in te uk hehe
we dont pay tax on gambling winnings so doesnt play here