Taxes in Poker

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Dameyon88

Enthusiast
hey, I play poker on ignition casino, from south carolina, and i was wondering what do i have to do to please or avoid the irs. Do i have to write down all my deposit and withdrawals. Winnings and loses, what are the necassary steps i got to take? because im under the impression, if i win a lot, then deposit it to my bank, my bank will let irs know of suspicious activity, and then they put an audit on me i guess, then they come visit me and i go to jail. how do i avoid this is what im asking, because this is all new to me?
from what i can understand from doing research, u have to fill out some form thing during taxes and write down online gambling i guess, then write down how much u make idk. I would really appreciate any info on this subject of online poker and taxes. because i would hate to have won a ton, then spend it, then later on the irs comes after me for something i dont quite understand. I live with my parents and my 1st job was several months ago, im new to all these things. Also, I did win about 931$ and had a check ship to me, my bank cleared it, and I spent the cash. even the laptop im using now is from that cash lol. could that deposit come to haunt me in the future? usually my checks from my jobs is about 300 on average. 931 showing up on my checkings account would look suspicious right?
 
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ChuckNola

Rock Star
If you play poker for a living yes you need to keep track of all that stuff. If you just play for fun or as a side hustle DONT DEPOSIT LARGE AMOUNTS. Keep them around 1.5 K each.
 
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Dameyon88

Enthusiast
can i deposit them to different check cashing places instead of my bank or is that too risky? Also if i so keep track of all that stuff, did u mean to just simple keep track of it and dont report or keep track of it and report it to irs?
 
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Dameyon88

Enthusiast
If you play poker for a living yes you need to keep track of all that stuff. If you just play for fun or as a side hustle DONT DEPOSIT LARGE AMOUNTS. Keep them around 1.5 K each.
can i deposit them to different check cashing places instead of my bank or is that too risky? Also if i so keep track of all that stuff, did u mean to just simple keep track of it and dont report or keep track of it and report it to irs?
 
Q

QA77

Visionary
I wonder how many people actually report the poker winnings to the irs. I think very little. I only report the live tournament winnings because the casinos has to if its over $5k I believe. But I don't think cash games is trackable.
 
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bigjay2007

Rock Star
I would think it would be very difficult to lay charges against any poker player who plays casual game and is not a pro. If you are depositing a 100 bucks here and there, and you win a couple of thousand you are not even a blip on the radar. Just my opinion of course.
 
milka1605

milka1605

Legend
Awards
2
I thank God this did not bother. We do not have this total law.
 
bujjhati

bujjhati

Rock Star
Taxation is theft my friends!

image.jpg
 
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Dameyon88

Enthusiast
I wonder how many people actually report the poker winnings to the irs. I think very little. I only report the live tournament winnings because the casinos has to if its over $5k I believe. But I don't think cash games is trackable.
Which casinos are u talking about, online or casinos in public places?
 
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imnotthatdrunk

Enthusiast
hey!

hey, I play poker on ignition casino, from south carolina, and i was wondering what do i have to do to please or avoid the irs. Do i have to write down all my deposit and withdrawals. Winnings and loses, what are the necassary steps i got to take? because im under the impression, if i win a lot, then deposit it to my bank, my bank will let irs know of suspicious activity, and then they put an audit on me i guess, then they come visit me and i go to jail. how do i avoid this is what im asking, because this is all new to me?
from what i can understand from doing research, u have to fill out some form thing during taxes and write down online gambling i guess, then write down how much u make idk. I would really appreciate any info on this subject of Online poker and taxes. because i would hate to have won a ton, then spend it, then later on the irs comes after me for something i dont quite understand. I live with my parents and my 1st job was several months ago, im new to all these things. Also, I did win about 931$ and had a check ship to me, my bank cleared it, and I spent the cash. even the laptop im using now is from that cash lol. could that deposit come to haunt me in the future? usually my checks from my jobs is about 300 on average. 931 showing up on my checkings account would look suspicious right?

Technically, you are supposed to keep track of your total gross profit from poker and report it at the end of the year. That's it! When you do your taxes for your other job, your refund will be more or less dependent on how many exemptions you claimed. Now this is just what you are supposed to do. I believe the IRS will not get involved unless you avoid telling them your profits from poker for multiple years.
 
C

CARDMAN007

Rising Star
**** the irs dont report anything just run and hide when they come knocking hide in the wilderness off the grid way up in the sticks lol jkjk
 
Q

QA77

Visionary
Which casinos are u talking about, online or casinos in public places?

I am taking about casinos in public places. If you net more than 5k they give you a W2G form to fill out. This is why sometimes you see people chop so they make less than 5k for tournaments that have like 10k for first.
 
WeenieSVK

WeenieSVK

Visionary
In my country I believe you dont play any taxes for poker winnings. Because its considered as something like "lottery money prize" and you dont pay taxes from that in my country :D
 
SAVag

SAVag

Enthusiast
I thank God this did not bother. We do not have this total law.

In your country are now, unfortunately, there are no laws at all. And speak "Thanks God" here not for that

Sorry for oftop
 
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SAVag

SAVag

Enthusiast
In my country I believe you dont play any taxes for poker winnings. Because its considered as something like "lottery money prize" and you dont pay taxes from that in my country :D

A in my country, and to win the lottery have to pay a tax of 30%. A play poker on line in general is must not )))
 
iriska

iriska

Rock Star
Awards
4
in Belarus this is strictly monitored and the taxes necessary to pay 13% of income.
 
macthemax

macthemax

Visionary
here in Belgium the taxes are 75% if you win a lot. So if you are lucky and win lets say 20000$, you may keep only 5000$.
it looks like stealing to me.
 
M

Mobcasinos

Enthusiast
Just declare all your profits in poker within the year. IRS wont mind if this is a small amount and your just playing for fun. Deduct all your loses to know if you made any profits or not.
 
SAVag

SAVag

Enthusiast
here in Belgium the taxes are 75% if you win a lot. So if you are lucky and win lets say 20000$, you may keep only 5000$.
it looks like stealing to me.

In your case, the phrase bujjhati "Taxation is theft my friends!" getting close to the truth :закатывать глаза:
 
shinedown.45

shinedown.45

Legend
hey, I play poker on ignition casino, from south carolina, and i was wondering what do i have to do to please or avoid the irs. Do i have to write down all my deposit and withdrawals. Winnings and loses, what are the necassary steps i got to take? because im under the impression, if i win a lot, then deposit it to my bank, my bank will let irs know of suspicious activity, and then they put an audit on me i guess, then they come visit me and i go to jail. how do i avoid this is what im asking, because this is all new to me?
from what i can understand from doing research, u have to fill out some form thing during taxes and write down online gambling i guess, then write down how much u make idk. I would really appreciate any info on this subject of Online poker and taxes. because i would hate to have won a ton, then spend it, then later on the irs comes after me for something i dont quite understand. I live with my parents and my 1st job was several months ago, im new to all these things. Also, I did win about 931$ and had a check ship to me, my bank cleared it, and I spent the cash. even the laptop im using now is from that cash lol. could that deposit come to haunt me in the future? usually my checks from my jobs is about 300 on average. 931 showing up on my checkings account would look suspicious right?
Really? you're asking us to help you avoid paying taxes?
If funds from poker have become a regular INCOME for you then maybe you should look into tax law and see if you can find info on how much can you get away with.
As I was writing this, I stopped and searched the forum and found this thread, https://www.cardschat.com/forum/general-poker-13/taxes-poker-winnings-245564/
Hope this helps.
 
kapos

kapos

Rock Star
Firstly, to pay tax on winnings is necessary in any case - regardless of in which country you win and the territory of a member state is your favorite poker room. If you - the citizen of the Russian Federation, the area three times whether offshore, from the tax is not exempt.

Second, unless you brought a prize from the poker room, it is not considered income. Even if you have stored there are millions and billions, they are not taxable base. But as soon as you have made cash-out (withdrawal) - your blood money became the object of taxation.

Third, none of the tax inspector, you've never prove that spent more than they eventually withdrew. Of course, you can try to do it, but the result will not achieve. Taxed, any amount withdrawn from the account in the poker room or received in cash at the gaming table (we are law-abiding citizens and to play go, for example, in Las Vegas, is not it?). Even if you over several years persistently replenish the deposit by spending the savings on office lunches money on learning to have to play poker, and then miraculously we won fifty dollars and decided to put them - with those $ 50 you have to pay tax. Moreover, even if you generally never gained nothing, but just decided to do something nice for the family and to bring the remains of investment, with this amount, you also have to pay tax. And no one cares about the fact that you did not receive income. Cashed? To pay taxes on winnings!
 
warface

warface

Rock Star
First you have to win an even greater amount, and then think how to lead and how much to pay the tax, before the time to argue there is no sense.
 
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