re: Poker & Taxes on poker earnings
Originally Posted by Divebitch
For anyone who lives in the US, I will personally nominate you for a Darwin award if you do this.
Originally Posted by RogueRivered
I really wonder how many in the U.S. do report their winnings accurately. My guess is pretty close to zero. But the IRS can get you on it, and if they do, it won't be pleasant. You might wish you'd been given the Darwin Award.
How can the IRS 'get you on it', unless the Feds are hacking your computer? And to do so without just cause would probably be thrown out. Wouldn't you think we'd be hearing about it if anyone got caught and proscecuted for even playing online poker, much less tax evasion? Any stories or accounts welcome from anyone.
Live poker rooms or horse racing are a different story. US regulated and legal. And I believe they ask for ID and send/give you a 1099 or something if you cash out over a certain amount. I thought it was $500 but could be wrong. But I believe this info is reported to the IRS by the casinos
/track, so you better report it. But this is why serious pony gamblers will make a lot of small bets on the same horse - better to have 10 wins at $100 each, than a single one for $1000.
But with online poker earnings not being reported to the IRS, I'd think you'd be nuts to just hand it over to them unless you could make a good case for any likelihood of getting caught.