Two Poker Taxes Questions

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hccooley

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So, I have two questions regarding taxes on earnings from live play.

1. If you go into a casino, sit down and get back up hours later with $1000 profit do you just claim the winnings on your taxes? Or will the casino give you forms for the winnings, so you can have it all settled before you walk out?

2. If you cash in a tournament (wsop, WPT...) will they deduct taxes as soon as you are finished and just give you what money is technically yours? Or do they give you the entire sum, and leave you to deal with it on your own?
 
zachvac

zachvac

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1. You have to claim at the end of the year

2. If it's enough (I believe 5k?) they take down your information and file it so the irs knows you won it but you are still responsible for paying when you file at the end of the year.
 
Stick66

Stick66

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hccooley said:
So, I have two questions regarding taxes on earnings from live play.

1. If you go into a casino, sit down and get back up hours later with $1000 profit do you just claim the winnings on your taxes? Or will the casino give you forms for the winnings, so you can have it all settled before you walk out?

2. If you cash in a tournament (WSOP, WPT...) will they deduct taxes as soon as you are finished and just give you what money is technically yours? Or do they give you the entire sum, and leave you to deal with it on your own?
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I used it to help me do my taxes and it made things so much easier. It gave me piece of mind that I was doing it right.
 
Vollycat

Vollycat

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For regular slot machine wins, etc, it is $1200 (at least in some states). However I have taken $2000 to the cage and no one said a word. May be different for each state? But writing down ALL your wins and losses is a must if you want to stay squeeky clean.
 
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