Taxes on Poker Winnings

[Bev]

I agree - pay your taxes, and if you have legit expenses , claim them , if you don't know what you are allowed for expenses - find out from the IRS or the CRA or whoever you need to from your government in your country.
No getting out of taxes no matter where you live. Keep all receipts ... get one from someone if you need it, don't lose them. You need proof of wins, loses , and expenses ... so simple and makes life soo much easier.
I wish I had enough income from playing poker to report !!!!

 

[Propane Goat]

Can an American claim residency in Canada in June until the WSOP is over?

I don't think this will work, you're still a US citizen and that's what the test is for being subject to US income tax. Expats who have lived overseas for years still have to file tax returns with the IRS, this is one of the factors that cause some to renounce their US citizenship.

 

[kidkvno1]

Can an American claim residency in Canada in June until the WSOP is over?

I don't think this will work, you're still a US citizen and that's what the test is for being subject to US income tax. Expats who have lived overseas for years still have to file tax returns with the IRS, this is one of the factors that cause some to renounce their US citizenship.

PG is right on this!

 

[BlakeBrown]

Now I don't want to sound like a jerk or terrorist or anything, but I think if it was to avoid $250k+ in taxes I think it could be worth it to renounce your citizenship... Now I haven't had this situation and probably never will, but I am just saying Haha if you want to see how anti-government I am then just look at my other posts lol

 

[Karozi615]

Greater than 5250$ and you have problems, that's why negotiating chops around the tax law can be important, it will end up SAVING you a great deal.

 

[MiamiMadePunk]

Well if you want to evade taxes, keep your tourney wins under $5 K and your cash game winnings below $10 k, it isn't that hard, just keep your mouth shut and your good to go. Do so at your own risk.

 

[Zero2Hero]

It is not as bad as you think. Also, if you fill it put as you are a gambler lot of expenses cam be a "wrote off" as for winning the main event and not wanting to pay taxes...well who do you think you are? And trust me they arent even taking half of your winnings. If i'm not mistaken it is actually about33% don't hold me to that.

I won a sizable tourney in Vegas and paid 30% on the nose at cash out.

 

[Carl Trooper]

Now I don't want to sound like a jerk or terrorist or anything, but I think if it was to avoid $250k+ in taxes I think it could be worth it to renounce your citizenship... Now I haven't had this situation and probably never will, but I am just saying Haha if you want to see how anti-government I am then just look at my other posts lol

No way. I would never give up US citizenship for a lousy 250k.

Now if you told me 10 million could be 10 million oppose to 6?... Even then I wouldn't. Family and friends and security here isnt worth dodging for that.

However, if I could buy a house somewhere else and avoid some taxes, absolutely. But 250k? Thats like 5 years salary for many people!

 

[Zero2Hero]

No way. I would never give up US citizenship for a lousy 250k.

Now if you told me 10 million could be 10 million oppose to 6?... Even then I wouldn't. Family and friends and security here isnt worth dodging for that.

However, if I could buy a house somewhere else and avoid some taxes, absolutely. But 250k? Thats like 5 years salary for many people!

Agreed 250k doesn't buy you much anywhere these days, but you don't know where he lives in the US. I've been to plenty of rough places in the US that I would run away from too. And family members too... hehe

 

[BlakeBrown]

What about this scenario? Say your bankroll was your business and part of your business expenses, so in order to keep your business alive you need the money as sort of a cushion

 

[Blackout09]

WHat if I dont consider myself a Professional Poker? Why file as a Professional If I dont consider myself one?

 

[paulsmall007]

lol never won enough to have these problems, I hope to have that problem one day