IT'S OFFICIAL

Just got a tweet on twitter from the PPA that the deadline for compliance has been approved for a 6 month delay for the immediate deterination of what is defined as internet gambing! Hooray!!!!!!!!

News of this hit the other day, and it was made officical this afternoon. Barney Frank is presenting a bill on Dec 3 proposing to legalize onlne poker, regulate it and tax it. Its good news for me though. 6 more months of low stakes STEP tourney's to try and grind my way up to a significant bankroll

Hopefully we'll see another delay in 6 months. We're taxed on everything except breathing and I'm sure they're workin on a way to tax that too.

Well, this is great news. Of course the government wants to tax it. I wonder how this will work. Will the poker sites have to raise the fees/rake?

Pbland said:

Well, this is great news. Of course the government wants to tax it. I wonder how this will work. Will the poker sites have to raise the fees/rake?

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I'm sure they will just tax whatever we request to withdraw.

most of the major sited said they would take the hit on taxes. Think of all that money they're pulling in. as far as withdrawls im sure they will hit us up for some sort of juice.lol

DaBigBoss said:

Just got a tweet on twitter from the PPA that the deadline for compliance has been approved for a 6 month delay for the immediate deterination of what is defined as internet gambing! Hooray!!!!!!!!

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I second that emotion! Yes, Yes, YES!!!! I'm going to to write my congressman Steve Driehaus, who co-authored this action with Barney Frank, right away.

Pbland said:

Well, this is great news. Of course the government wants to tax it. I wonder how this will work. Will the poker sites have to raise the fees/rake?

Click to expand...

They have to only raise the fees/rake for US players though, as for us in the UK and Europe nothing is changing.

I am moving to Vegas and just play live

Hey im from the UK so it doesn't affect me much but im glad for you Americans i dont see the issue with online poker being banned Good for you good luck

Pbland said:

Well, this is great news. Of course the government wants to tax it. I wonder how this will work. Will the poker sites have to raise the fees/rake?

Click to expand...

Probably set something up with the banks where you will have so long to cash out current roll then go through a 3rd party to deposit and withdraw so they can see what to tax. So if they do start saving ALL your tourny entry emails so you can write off the losses.

IcyBlueAce said:

I'm sure they will just tax whatever we request to withdraw.

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no even in a casino you dont get taxed until its over like 1200 so people would just withdraw 500-600 at a time. Which is what people do now when they hit BIG, if you cash a check for $5000 bank don't think twice but if its over $10,000 then they alert the IRS, and then they want to know where the money came from.

Received an e-mail from the PPA concerning this....so glad we have another 6 mos to lobby for it!

this is good news. thanks.
i suppose they'll have a limit $$ amount to be taxed, but maybe not tax unless it's a certain amount and you withdraw it??
i guess will see. but i'm glad we have 6 months. and more then likely it will be approved since they're working on it.

If you make money playing poker you already are supposed to pay taxes on it - it's income. If you play professionally you can also write off expenses related.

Sounds like some good news for a change.
take care

AceZWylD said:

News of this hit the other day, and it was made officical this afternoon. Barney Frank is presenting a bill on Dec 3 proposing to legalize onlne poker, regulate it and tax it. Its good news for me though. 6 more months of low stakes STEP tourney's to try and grind my way up to a significant bankroll

Click to expand...

I would hate it if they were to tax the money i made from online poker...wait do they already do that?

Its a gray area, technically you should pay taxes on it, but its very hard for them to trace the earnings.

It is great to hear they have postponed it for 6 more months. It is due to everyone's dedication and drive to help sign the form and email their government to let them know how they feel about the subject.

Thank you everyone for helping in these early stages of keeping legal the activity that many people use as not only a profession but as a hobby and area of enjoyment.

One nice thing about the US legalizing is, those wsop free rolls will come back hard, I remember just before bush and his nazi cronies passed this illegal law, party poker was giving away wsop tickets like they were 5 cent toostie rolls, all you had to do was come in the top 16 and you won a wsop seat, really sucks cause I truly believe if we had those running this day I would definitley be there. If we open up the market full tilt and stars are going to have to come out strong to keep their customer base. Our congress is a bunch of idiots for not already doing this, were in a massive depression and this would add billions to their pockets, MGM already owns the rights to online poker in the US, its just a matter of time.

Damn, I had no idea about this! Cant wait to see what happens. Glad that there has been such a huge amount of people standing up against all of this bullshit theyre trying to pull.

Taxing it does suck, but its pretty american to do that. I was thinking months ago that if it was ever legalized it would be that way. Just look at weed, the US needs more money, so tax the things that they thought were bad and cant stop.

Yeah, isn't it funny how during tough times the government is willing to change their stance on things (i.e. weed, poker) when they realize the huge potential of tax money pouring in. Instead of taxing poker, how about fixing things that are broken, like government officials buying $400 pens and what not?

I recieved the e mail 2 days or so ago from the PPA and also 1 of my congressmen i wrote a letter to earlier in the year. Yes it was a 6 months delay until June but online poker is still in trouble.