Legality of Online Poker Winnings

JDCT12

JDCT12

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If I were to make a big score-say in the 1Mill gurantee for 10k, do I have to report my winnings at the end of the year and can I legally keep my winnings?
 
mk0523

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If I were to make a big score-say in the 1Mill gurantee for 10k, do I have to report my winnings at the end of the year and can I legally keep my winnings?


Keep it on the hush hush and you should be fine. I would keep all withdraww amounts under 10 peanuts and you should be fine.
 
terryk

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and not every country taxes you,,,;)
 
elizeuof

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Each country will have its own taxation policy, here in brazil all earnings must be declared annually to the government, any undeclared gain is illegal.
 
CadoARAJ

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Each country will have its own taxation policy, here in Brazil all earnings must be declared annually to the government, any undeclared gain is illegal.

I have doubts if in Brazil is possible to you declare your poker winnings. I never know this happen. Did you?
 
BobbyMorton

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Depends where you live I am lucky in UK all winnings are never taxed I think it is ridiculous that anyone is taxed on poker winnings,do they take your losses into account I dont think so.
 
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Honestly, I don't think it is any form of income. Until, you receive any monetary rewards or payment.... I think, the government can only tax the income that is legally taxed.
 
kasra32

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If I have won the money, should I give the state tax? If that's the case, it's not fair
 
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Ando37

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Depends where you live I am lucky in UK all winnings are never taxed I think it is ridiculous that anyone is taxed on poker winnings,do they take your losses into account I dont think so.


Spot on Bobby!

If a country wants to take winnings into account then surely its only right for losses to be counted? I have never agreed with this and always find it a shame when you hear about how much the big winners have to pay back.

I hate staying in the UK, but it certainly is one positive!
 
Andrei Korolev

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If not taxed online games, why report...
 
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Ivan Zaruba

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First you need to win, and then ...
All success !!!
 
cwdignus

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here in Brazil is better not to declare, this type of gain will be taxed at 27.5% so the best here is not to declare or declare that you won with agricultural activities that the rate is lower or zero depending on the value ... the policies in that parents discourage legality
 
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Every country is different.
It is necessary to know the tax laws of the country in which you are resident.
The UK is easy, you pay tax whether you win or lose,
(you are taxed on the stake).
 
paulinhlt

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I have doubts if in Brazil is possible to you declare your poker winnings. I never know this happen. Did you?


Yes. In Brazil you can declare your winnings in poker as in any other profession.
 
elizeuof

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I have doubts if in Brazil is possible to you declare your poker winnings. I never know this happen. Did you?


All types of financial transactions are processed and reported to federal income, so it is very difficult to have some money without their knowledge, and the non-declaration implies in breach of the law, and may generate some kind of punishment for the responsible.

Look at this Brazilian article, written in Portuguese, with an orientation on the theme. http://www.grinderstyle.com.br/como-declarar-seus-ganhos-no-poker-e-pagar-imposto-corretamente/
 
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xexeu

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depends on the law of your country but I believe that the government takes the part of it hahaha.:D
 
Iryna Stryzheuskaya

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Every year I pay a 13% tax on my winnings in online poker. And I sleep peacefully.
 
wagon596

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It depends where you live. Here in the States I'd draw it out a few 1K's at a time. I would never have that problem of winning that much. lol
 
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Depends where you live I am lucky in UK all winnings are never taxed I think it is ridiculous that anyone is taxed on poker winnings,do they take your losses into account I dont think so.


I won over $10,000 at casino they taxed state wise right away. However, you can mitigate the Federal Taxes by offsetting with losses on a 1099. This is in the United States I do know that. So yes losses can be added as well. Just have to know how to keep track of the wins/losses.
 
mathtree

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Here in the USA, my bank does not report any deposits under 10k so I have kept my winnings tax free for quite a few years by making cashouts of no more than $500 at a time.bankroll stays good and so do I.
 
Psyanide14

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I live in canada and all lottery/gambling wins are tax free. Even if I win $60 million lottery it’s all tax free.

Not sure if there is any taxation based on where the poker site is located. Anyone have any info on that?

I’ve never been lucky (good) enough to have any amount that’s worth taking out.
 
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icandonkyou

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I live in Canada and all lottery/gambling wins are tax free. Even if I win $60 million lottery it’s all tax free.

Not sure if there is any taxation based on where the poker site is located. Anyone have any info on that?

I’ve never been lucky (good) enough to have any amount that’s worth taking out.



I agree with this it should not be taxed. I know they tax winnings here in the United States. As the saying goes, "Anything to make a buck", I guess is what it is.
 
mariuspoker1

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Depends what is the law in your country regarding this matter. For example here in Romania a while ago the players were obligated to declare their winnings and pay taxes but now the law was changed so the players aren't obligated anymore to declare their winnings because the taxes will be retained from the provider of the winnings when they give its.:hmmmm2:
 
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Best to do research of your local govt and abide by it rather then having it come back to haunt you 8 years down the road. Yes the chance is small but when it happens you will be wishing you did otherwise.
 
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