re: Poker & Taxes in poker
Originally Posted by ksandr010
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 If Yes, then how : with the money withdrawn or with the total winnings.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
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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!).
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