Tax on poker winnings

Hello guys.
So, long story short, I somehow managed to make my 100$ into 1050$ and I want to withdraw. The thing that concerns me is tax. Do I have to pay some tax on that amount? Im from Croatia and I suppose every country has its own laws but I cant find any on internet. Anyone has experience with this kind of situation?

In canada you basically have to be playing professionally to incur a tax liability.

The occasional win doesn't count. Repeated wins over a long period of time do count, which excludes 99.9% of us.

barags said:

Hello guys.
So, long story short, I somehow managed to make my 100$ into 1050$ and I want to withdraw. The thing that concerns me is tax. Do I have to pay some tax on that amount? Im from Croatia and I suppose every country has its own laws but I cant find any on internet. Anyone has experience with this kind of situation?

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Nice work!

I would definitely Google this question to find out for Croatia specifically. In the US, you’d have 950 additional income that would be taxed. In the UK (I believe at least!), you wouldn’t owe anything. So ask a tax pro or just check online resources and you should get a nice answer on this question.

Rowdy Greg said:

In Canada you basically have to be playing professionally to incur a tax liability.

The occasional win doesn't count. Repeated wins over a long period of time do count, which excludes 99.9% of us.

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Thanks for this info! I did not know the Canadian rules..

You can definitely find answers somewhere or ask your local tax professional!

I think you should check with a tax professional of your country. Where I live we have to pay up until 27% of the winnings in taxes

just lose to me and don't worry about the taxes. j/k

In germany it's a gray area.Normal you dont't need to pay tax but it's different when you play poker for living. I am sure when you make one lucky big win the tax office will watch you to get a little peace of the cake. ))

barags said:

Hello guys.
So, long story short, I somehow managed to make my 100$ into 1050$ and I want to withdraw. The thing that concerns me is tax. Do I have to pay some tax on that amount? Im from Croatia and I suppose every country has its own laws but I cant find any on internet. Anyone has experience with this kind of situation?

Click to expand...

pokerstars automatically charges you the countries tax rate

You simply withdraw and live further as if nothing happened. The tax collectors will find you themselves if their system is advanced enough. Be ready to pay the tax, but I do not see any point of paying without a demand from the authorities.

Hello.
Obviously, this primarily depends on the withdrawal method you plan to use. As far as I know, in most countries, withdrawals in cryptocurrency are not taxed.

I think I would keep records so if you do get audited by the tax man you can show where the money came from.

You should check your local laws as it is specific for every country. In Bulgaria winnings from gambling are not taxed and the government considers poker as gambling so we are free from taxes. Moreover bank transfers of 5000 euro or lower value are not monitored at all so it is very unlikely problems to arise for such amount of money.

On such a small amount you’ll be fine not paying taxes , if it turns to a regular occurrence.
Then I would start looking into it

me too

hey, is something that i want to know too...

jdorganic said:

PokerStars automatically charges you the countries tax rate

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Where can I find this information?