Taxes - How soon before he's caught by IRS?

[Zorba]

From what I have heard about the IRS is that eventually they will catch him.

We in Australia don't pay taxes on gambling winnings either.

 

[aero87]

I guess if it were me being up 200 buy ins at 5knl in less than a year, playing live, I would NOT be telling people that I do all my transactions in cash. Good way to get mugged IMO. Plus its never a good idea to "brag" about breaking the law.

 

[smidjet]

I'm not 100% about this, but I think if he is not filing, he is not commiting fraud, therefore not risking jail time. He will probably have huge fines, laywer fees, accountant fees, etc. or maybe that would be a good time to travel and spend the money. Just don't try to get on an airplane with a duffle bag of cash. As IRS agents work on a commission-like basis, they'll be tripping over each other to contact him. Wouldn't mind being a fly on the wall for that chat.

as dad pointed out earlier 2 words TAX EVASION . and then the third word PRISION

 

[wagon596]

I'll sum it up. In my opinion, it's not a good idea.

 

[LeanAndMean]

I know this is a weird 1st post but this was the site that came up when I googled Taxes/poker. I assure you I'm not trolling.[/quote]

This last sentence indicates you are not a member of other poker forums, how do you know what "trolling" means?

 

[Marsd]

do your taxes right-- it isnt worth the risk...

maybe do what some other person suggested and buy a place in some other country where you dont have to pay taxes on poker winnings- Then you can try and claim residency there instead and just rent in the US to avoid the taxes Legally--

The kid should talk to a tax professional- Preferably one that understands poker players.

 

[hobonc]

You should start an over/under bet with the other folks in the poker room.

 

[Tommycanyouhearme]

I know this is a weird 1st post but this was the site that came up when I googled Taxes/poker. I assure you I'm not trolling.

This last sentence indicates you are not a member of other poker forums, how do you know what "trolling" means?[/quote]

Huh?? Poker isn't the only subject/topic with forums.....

 

[ezevan1022]

This is pretty interesting, someone making that kind of money is not going to be able to hide it from the IRS for that long and considering you said he bought a house it will probably be shortly that he gets looked up.

 

[Tommycanyouhearme]

This is pretty interesting, someone making that kind of money is not going to be able to hide it from the IRS for that long and considering you said he bought a house it will probably be shortly that he gets looked up.

That's what we're all assuming. He recently made a TV table (not ESPN) that's televised in the US so I would have to assume he's smart enough to know that he'll need to pay taxes on his tournament winnings. We just figure it's a matter of time before it catches up to him.

 

[DaBigWo]

If he put the house in his name he is toast .

 

[hobonc]

That's what we're all assuming. He recently made a TV table (not ESPN) that's televised in the US so I would have to assume he's smart enough to know that he'll need to pay taxes on his tournament winnings. We just figure it's a matter of time before it catches up to him.

He'll pay the taxes on tourney winnings as most casinos will 1099G him if they don't actually with-hold them also.

 

[Mr Sandbag]

At least if he puts a bad beat on you, you can call the IRS and get at least some satisfaction out of it.

 

[Fishpicker13]

as dad pointed out earlier 2 words TAX EVASION . and then the third word PRISION

Who is dad and why does he keep smacking me?

 

[Blobweird123]

in my country you can't get taxed for gambling which is what poker is, can you seriously get taxed for poker in usa?

Surprise surprise. He makes a post with " In my country" and "USA" :congrats:

 

[jimmylytle2]

Even when a person is not taxed on their income, the taxes on all the things they purchase can add up to a large chunk of change. This guy is paying quite a bit in taxes on purchases if his spending is anything like his poker playing. We all try to figure ways of bringing in more cash and payout out as little as possible to the tax man. Such as paying a friend to fix your car instead of taking it to a shop, etc...