Taxes in poker

K

ksandr010

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Hi everyone.

I would like to know if you pay taxes on your poker winnings. If Yes, then how : with the money withdrawn or with the total winnings. And how do you record all this officially?

Thanks
 
kolyasik77777

kolyasik77777

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I don't pay taxes. I think this is unnecessary. In a state where officials steal billions of dollars, I would generally reduce the payment of taxes to a minimum.
 
chris0817

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why should we pay taxes? there is any law for it? or how came this? I think the poker site where u are playing they pay the tax what need but the players don't needs
 
Iryna Stryzheuskaya

Iryna Stryzheuskaya

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I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.
 
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Zaksdad

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If you win more than $600 in a poker tourney or slots I don't think it's an option, IRS insists they take it out first ... all the bales of cash you see on TV are literary license for entertainment purposes only, they have to give you a 1099 and take about 30% or more right off the top before you get any of it ... don't know if they're as anal about $$$ won in a cash game because it would be hard to keep track ... you can write off expenses, losses and entry fees against your winnings if you kept records ...
 
chris0817

chris0817

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Iryna Stryzheuskaya said:
I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.
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I don't think so that you should have to do this . there is no law I mean personal law, because the poker sites who have a contract or license in country they cover your the player tax. u can ask the support of pokersite.because by the way in your country noone can see that how much was your winnings in the year only you and the poker site. so that's weird why u should pay
 
K

ksandr010

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Zaksdad said:
If you win more than $600 in a poker tourney or slots I don't think it's an option, IRS insists they take it out first ... all the bales of cash you see on TV are literary license for entertainment purposes only, they have to give you a 1099 and take about 30% or more right off the top before you get any of it ... don't know if they're as anal about $$$ won in a cash game because it would be hard to keep track ... you can write off expenses, losses and entry fees against your winnings if you kept records ...
Click to expand...
Thanks
 
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neptun1914

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In every country it is different. As far as i know USA have some of the hardest taxes on gambling. In my particular country (Bulgaria) winnings from gambling (poker included) are not taxed and i hope that it will stay this way. :)
 
jordanbillie

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ksandr010 said:
Hi everyone.

I would like to know if you pay taxes on your poker winnings. If Yes, then how : with the money withdrawn or with the total winnings. And how do you record all this officially?

Thanks
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Yes. In the USA, gambling winnings are taxable and there is a specific line on the Income Tax form for gambling winnings/losses. Just keep a simple ledger of your deposits and withdrawals and report the net amount on your income taxes.

If you have any other tax questions, please feel free to PM me (I'm an accountant!). :)
 
K

ksandr010

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jordanbillie said:
Yes. In the USA, gambling winnings are taxable and there is a specific line on the Income Tax form for gambling winnings/losses. Just keep a simple ledger of your deposits and withdrawals and report the net amount on your income taxes.

If you have any other tax questions, please feel free to PM me (I'm an accountant!). :)
Click to expand...
Thanks
 
christmasscorpion

christmasscorpion

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hi I have never paid taxes
 
nghoffman

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This reminds me of the absolute funniest screenname I've ever seen: a player named "Women = Rake".
 
nghoffman

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I don't believe in paying taxes on gambling winnings. It's like doing a 9-5 job and being ask to risk your paycheck while you're working. If you lose, you lose everything. If you win, you owe the government.. Not happening.
 
BobbyMorton

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Thank goodness I live in Scotland no tax on winnings.:):):)
 
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80abukaH

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Anybody knows how it works in germany?

Quote me to let me know please :)
 
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