Originally Posted by KingNothing4
Does anyone know at what number you have to start paying taxes on gambling winnings?
Here's a review of a great book on poker & taxes. I used it to help with mine this year and I highly recommend it to all serious poker player:
A) From my experience, California
's income tax laws regarding gambling are about the same as the Federal ones.
B) From what I saw on my taxes this year, the minimum overall income to file an income tax return is $3650. But if one meets that criteria, then technically your minimum gambling winnings to pay taxes on is $.01 .
C) Then you have to decide if your gambling is a hobby or business. Winnings are taxed differently in each.
D) A casino must report any single win amount $1200 or more to the IRS and must issue a W2G to the winner, who then files it with his tax return. (Applies mainly to live tourney cashes)
For more exact answers from more reliable sources, try the IRS website, the California Franchise Tax Board website, or your local tax accountant.