This is a discussion on casing out and taxes within the online poker forums, in the General Poker section; i have finally reached apoint where i should be able to cash out $60 to $100 per week took me 3yrs. to get here. if
i have finally reached apoint where i should be able to cash out $60 to $100 per week took me 3yrs. to get here. if i do this say 40 times this year will i owe any taxes? thanks in advance.
16th January 2011, 1:46 AM
How are you cashing out? Bank wire, check? To be honest if the sums are that low I wouldn't bother reporting it. If you're cashing out 1k a week you might consider becoming an LLC and writing off losses/expenses etc and doing it the legit way.
16th January 2011, 1:53 AM
Poker at: betonline
re: Poker & casing out and taxes
always keep great records and report your winning. And pay your taxes. It is not worth the hassle if the irs catches you.
16th January 2011, 2:26 AM
Online Poker at: Full Tilt
I would agree that the amount is not big enough for the IRS to go after. If you get a big win and take out over 10k then you would need to make sure it is reported.