This is a discussion on Tax within the online poker forums, in the General Poker section; Hello... this is probably a stupid question but here goes!!
Do you have to pay any tax on winning on on-line poker? I have
Hello... this is probably a stupid question but here goes!!
Do you have to pay any tax on winning on on-line poker? I have heard that you need to pay on the intrest you earn... is this true?
8th March 2006, 5:57 PM
Poker at: Interpoker
Game: Omaha, Stud
I think you have to pay taxes for your yearly profit on gambling in most countries, but unless you are a big time winner nobody will ever know that you didn't pay them. For the specific details of your country, maybe somebody can tell you more, if you say where you are from.
8th March 2006, 6:00 PM
Online Poker at: Not Banned
re: Poker & Tax
In the US, if you're gambling winnings are less than $10,000 for the year you don't have to claim them. That's the way it was explained to me but you know tax laws, they have new ones every year.
Tax schmax. I don't win enough to worry about it. I do often wonder...what if I were to win, say, one of the Jackpot SNGs at Titan to the tune of $15,000? How am I going to explain that one to Uncle Sam? Seeing as how online gambling is basically illegal (what a load of crap) in the US. Would my winnings be forfeit?