This is a discussion on Paying Taxes on Poker Winnings in USA within the online poker forums, in the General Poker section; I've always wondered how this works, does anyone know? I want to lay out 2 scenarios and I wonder how they would work and how
I've always wondered how this works, does anyone know? I want to lay out 2 scenarios and I wonder how they would work and how they would be different.
Say I lived in New Jersey and played poker on PokerStars full time and made say $100,000 in profits a year. Since online poker is legal and regulated here, then you can declare this as your official income and pay taxes on it right? (Side question, how much would I pay in taxes for this amount?)
Now say I lived somewhere else in the USA where online poker isn't specifically made legal, and I needed to play on Ignition or Americas Card Room. Could I declare my winnings on one of these sites as my official income and pay taxes on it legally? Or would this not be legal, and you would have to like keep this money under the table/away from the government somehow? Does anyone know this? I've always wondered. (By the way I make literally $0 so far so this isn't a problem for me lmao. I'm currently still a losing player at the micro stakes.)
If I am not mistaken, this site is a poker site.You may need to rethink where you post these tax questions.
Hummmm....... maybe a income tax forum or better yet a forum for accountants.
Good luck with that .
This is definitely a poker related question dude, come on. Sure ACR is available for people to play in the US, but can it actually be your official full time job according to the government. Someone here should have some insight on this I'm sure of it.
I've declared winnings from poker before. After winning a big tournament. Didn't want to risk irs trouble. But if you want to declare poker as income then you need to register as a professional gambler and keep track of everything. Otherwise you are declaring gambling winnings which is a little different. Think that's how it works anyway
Having played in Vegas and meeting professionals, based on their lifestyle I would not declare anything for taxes. Keep your chits, restaurant receipts, track your time at the tables and so on. This way you can write certain items off as expenses in case you are audited for some reason.