Tax on withdraws for US players?

[Streetwylde]

Was wondering to any of my fellow US players who play and withdraw from Online poker sites. How does the tax thing work when you do such?

 

[Shady Slim]

Was wondering to any of my fellow US players who play and withdraw from Online Poker sites. How does the tax thing work when you do such?

I refer you too the horse's ass, ahem, I mean mouth! LOL

https://www.irs.com/articles/reporting-gambling-income-and-losses-irs

Tax reporting works both ways, you can also report losses and expenses incurred. One thing about that IRS article is you have to report winnings which don't include your buyins. I guess that goes in Misc Deductions on 1040A, but not sure.

 

[Streetwylde]

I refer you too the horse's ass, ahem, I mean mouth! LOL

https://www.irs.com/articles/reporting-gambling-income-and-losses-irs

Tax reporting works both ways, you can also report losses and expenses incurred. One thing about that IRS article is you have to report winnings which don't include your buyins. I guess that goes in Misc Deductions on 1040A, but not sure.

Thanks for your info. I was wondering, how do you report loses when you play online?

 

[sheltowee420]

I won big in Las Vegas once, betting on football parlays, and all of my teams won, When I went to cash-in my tickets they withheld the money for taxes. Luckily I had saved all of my losing tickets, at tax time I turned them in, and my winning amount was reduced by the loses, so I got a big return. I have no idea how on-line would be much different, except that maybe it is all self reporting here???

 

[Streetwylde]

Yea that's my issue here on playing online. We don't have anything to show our loses as such. Like the cost for entering a tourney and what have you. When you play live I'd think it's easier to get the things you need. I'm just puzzled as to how it works online. Oh and Congrats on the wins.

 

[Shady Slim]

Thanks for your info. I was wondering, how do you report loses when you play online?

I have never made/lost enough to even have to worry about it. I juggle pocket change around just for recreation.

There are different forms for winnings, losses and expenses come April. The IRS article will guide you on that.

Use a spreadsheet to track winnings and another for costs. If you have something like QuickBooks, that would be better.

Line 21 of Form 1040 is where you report all of your winnings. This is just payouts you have recieved. Nothing else.

gambling losses can be reported under "Other Misc Deductions" Schedule A (Itemized Deductions) for Form 1040. Track all of your reg cost + fees, money transfer fees, etc these are your cost of doing bizness and are tax deductible up to the amount of your total winnings.

online poker winnings of $5000 or more should get you a Form W-2G from the poker room. Sports wagers appear to be lower and at the option of the payer for when they are reported, a little fuzzy to me.

Finding data on what dollars are going in/out of your account so far is easy to find. There is a Cashier on ACR that has a menu item for Financial transactions that you can view. Easy to find, but hard to import data from. No option to download. Other poker room clients mileage may vary.

 

[Streetwylde]

I have never made/lost enough to even have to worry about it. I juggle pocket change around just for recreation.

There are different forms for winnings, losses and expenses come April. The IRS article will guide you on that.

Use a spreadsheet to track winnings and another for costs. If you have something like QuickBooks, that would be better.

Line 21 of Form 1040 is where you report all of your winnings. This is just payouts you have recieved. Nothing else.

Gambling losses can be reported under "Other Misc Deductions" Schedule A (Itemized Deductions) for Form 1040. Track all of your reg cost + fees, money transfer fees, etc these are your cost of doing bizness and are tax deductible up to the amount of your total winnings.

Online poker winnings of $5000 or more should get you a Form W-2G from the poker room. Sports wagers appear to be lower and at the option of the payer for when they are reported, a little fuzzy to me.

Finding data on what dollars are going in/out of your account so far is easy to find. There is a Cashier on ACR that has a menu item for Financial transactions that you can view. Easy to find, but hard to import data from. No option to download. Other poker room clients mileage may vary.

Thanks very much. That's a lot of great info. Much Appreciated...

 

[Streetwylde]

I have never made/lost enough to even have to worry about it. I juggle pocket change around just for recreation.

There are different forms for winnings, losses and expenses come April. The IRS article will guide you on that.

Use a spreadsheet to track winnings and another for costs. If you have something like QuickBooks, that would be better.

Line 21 of Form 1040 is where you report all of your winnings. This is just payouts you have recieved. Nothing else.

Gambling losses can be reported under "Other Misc Deductions" Schedule A (Itemized Deductions) for Form 1040. Track all of your reg cost + fees, money transfer fees, etc these are your cost of doing bizness and are tax deductible up to the amount of your total winnings.

Online poker winnings of $5000 or more should get you a Form W-2G from the poker room. Sports wagers appear to be lower and at the option of the payer for when they are reported, a little fuzzy to me.

Finding data on what dollars are going in/out of your account so far is easy to find. There is a Cashier on ACR that has a menu item for Financial transactions that you can view. Easy to find, but hard to import data from. No option to download. Other poker room clients mileage may vary.

Thanks very much for the info. That's a lot of good info for us all. Much Appreciated...