Taxes in poker

K

ksandr010

Rock Star
Joined
Feb 21, 2017
Total posts
188
Hi everyone.

I would like to know if you pay taxes on your poker winnings. If Yes, then how : with the money withdrawn or with the total winnings. And how do you record all this officially?

Thanks
 
kolyasik77777

kolyasik77777

Rock Star
Joined
Feb 21, 2019
Total posts
302
I don't pay taxes. I think this is unnecessary. In a state where officials steal billions of dollars, I would generally reduce the payment of taxes to a minimum.
 
chris0817

chris0817

Rock Star
Joined
Apr 29, 2009
Total posts
112
why should we pay taxes? there is any law for it? or how came this? I think the poker site where u are playing they pay the tax what need but the players don't needs
 
Iryna Stryzheuskaya

Iryna Stryzheuskaya

Legend
Loyaler
Joined
Feb 13, 2016
Total posts
2,598
Awards
10
I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.
 
Z

Zaksdad

Rising Star
Joined
Jan 6, 2019
Total posts
20
If you win more than $600 in a poker tourney or slots I don't think it's an option, IRS insists they take it out first ... all the bales of cash you see on TV are literary license for entertainment purposes only, they have to give you a 1099 and take about 30% or more right off the top before you get any of it ... don't know if they're as anal about $$$ won in a cash game because it would be hard to keep track ... you can write off expenses, losses and entry fees against your winnings if you kept records ...
 
chris0817

chris0817

Rock Star
Joined
Apr 29, 2009
Total posts
112
I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.
I don't think so that you should have to do this . there is no law I mean personal law, because the poker sites who have a contract or license in country they cover your the player tax. u can ask the support of pokersite.because by the way in your country noone can see that how much was your winnings in the year only you and the poker site. so that's weird why u should pay
 
K

ksandr010

Rock Star
Joined
Feb 21, 2017
Total posts
188
If you win more than $600 in a poker tourney or slots I don't think it's an option, IRS insists they take it out first ... all the bales of cash you see on TV are literary license for entertainment purposes only, they have to give you a 1099 and take about 30% or more right off the top before you get any of it ... don't know if they're as anal about $$$ won in a cash game because it would be hard to keep track ... you can write off expenses, losses and entry fees against your winnings if you kept records ...
Thanks
 
N

neptun1914

Legend
Joined
Mar 22, 2018
Total posts
1,656
In every country it is different. As far as i know USA have some of the hardest taxes on gambling. In my particular country (Bulgaria) winnings from gambling (poker included) are not taxed and i hope that it will stay this way. :)
 
jordanbillie

jordanbillie

Legend
Loyaler
Joined
Dec 19, 2007
Total posts
3,392
Awards
3
Hi everyone.

I would like to know if you pay taxes on your poker winnings. If Yes, then how : with the money withdrawn or with the total winnings. And how do you record all this officially?

Thanks


Yes. In the USA, gambling winnings are taxable and there is a specific line on the Income Tax form for gambling winnings/losses. Just keep a simple ledger of your deposits and withdrawals and report the net amount on your income taxes.

If you have any other tax questions, please feel free to PM me (I'm an accountant!). :)
 
K

ksandr010

Rock Star
Joined
Feb 21, 2017
Total posts
188
Yes. In the USA, gambling winnings are taxable and there is a specific line on the Income Tax form for gambling winnings/losses. Just keep a simple ledger of your deposits and withdrawals and report the net amount on your income taxes.

If you have any other tax questions, please feel free to PM me (I'm an accountant!). :)
Thanks
 
nghoffman

nghoffman

Rock Star
Joined
May 10, 2014
Total posts
492
This reminds me of the absolute funniest screenname I've ever seen: a player named "Women = Rake".
 
nghoffman

nghoffman

Rock Star
Joined
May 10, 2014
Total posts
492
I don't believe in paying taxes on gambling winnings. It's like doing a 9-5 job and being ask to risk your paycheck while you're working. If you lose, you lose everything. If you win, you owe the government.. Not happening.
 
BobbyMorton

BobbyMorton

Visionary
Joined
Mar 19, 2018
Total posts
576
Thank goodness I live in Scotland no tax on winnings.:):):)
 
Top