Don`t Understand taxes Please Help. Anyone.

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guitarpicker69

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I don`t know if this is even the right place to post this I`m so new but here goes.
Do I have to claim taxes on internet winnings? Are there any sites that will help with that? Can any of you folks help with the answers?
Any help will be greatly appreciated.
 
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xdmanx007

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Well I have an answer but it will likely only confuse you more! Internet gaming is still not technically legal in the US, but you are supposed to pay taxes on gambling winnings. So you put on your tax forms you made X amount playing online and next thing you know you get charged under the wire act for illegally placing an electronic bet!
http://www.irs.gov/taxtopics/tc419.html Explains how to claim winnings on your taxes but doesn't specify internet gaming.
The SAFEST thing to do is most likely stash the amount you should have to pay in taxes away somewhere and when or if they clarify the legalities on internet gaming you will be able to pay any back taxes. Best case scenario they don't ever make you pay taxes on online gaming income during the time in which it was illegal.

Well hope that helps but there really is no cut and dry answer to online gaming income and taxes here in the States yet!
 
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guitarpicker69

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Thanks it`s more than what I knew before.
 
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chicubs1616

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If you are concerned about paying taxes, I believe you can list it as other income, but I'm not sure.

Personally I don't think George Bush and the federal government need any more money if you catch my drift...
 
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dmc7777

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I have been told that gambling over a phone line or placing wagers over a phone line is illegal. Now does that only make people with dial up the ones breaking the law. Is a high speed satelite connection then not illegal.
Since poker is a game of skill it should be legal for us to play and pay taxes too.
 
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xdmanx007

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Poker is Gambling and it will take someone with a broadband connection actually getting charged under the wire act here in the states for us to know. So far the only prosecutions were of site operators a few years back that is why there are no American based rooms. My guess is it simply a question of desire on our federal government's part as to wether or not they decide to start charging gamblers.
 
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colin_147

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The government charges us more than enough tax on anything else they can think of so who gives a dam if we are meant to pay taxes but dont?

If it was a serious offence then we would certainly be made aware that we are supposed to pay tax on our winnings.

When you go into the bookies in the UK you DO NOT, pay any tax on winnings so that would also include online poker and other forms of gambling
 
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BeckyFlush

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Pay taxes on internet winnings ? Is anyone really up ? Someone can tell me he really is making money in the long run ONLINE ? ... would love to hear about it

Cheers Becky
 
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