Legality of Online Poker Winnings

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freestocks

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You haven't earned winnings until you withdraw money. Therefore, transactions under 10,000 would not be reported.
 
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neptun1914

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It very much depends on the particular country. Here in Bulgaria there are no taxes for the winnings from gambling so you do not need to declare them. Transactions below 15000 euro are not monitored so if you stay below that you should not have any problems.
 
JimboAAkimbo

JimboAAkimbo

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Taxation is theft

Taxation is theft.

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A

audacity

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JDCT12 said:
If I were to make a big score-say in the 1Mill gurantee for 10k, do I have to report my winnings at the end of the year and can I legally keep my winnings?
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So long as poker is legal where you are playing from.

I live in Pennsylvania, and it's legal here. Well ACR is - pokerstars I can not play at.

You MUST report winnings for taxes though if in the US.

But sure - if you are at a legit site - and ACR is one such legit site - and you are in a state (if in the US at least) where you are allowed to play - and you too are legit in your info, drivers license all of that if they need it - sure you can keep them.

Just remember taxes.
 
bstyles85

bstyles85

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mathtree said:
Here in the USA, my bank does not report any deposits under 10k so I have kept my winnings tax free for quite a few years by making cashouts of no more than $500 at a time.Bankroll stays good and so do I.
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Yeah, mine doesn't either. I use Bank of America. Never had problems cashing checks under a 1000$ with them. I normally withdraw once to twice a month from my account. Never have I been taxed from my winnings.

Now, is what a lot of us are doing technically legal? No.

And yes, taxation is theft. Never will I give the feds my hard earned poker winnings.
 
jhosept6

jhosept6

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JDCT12 said:
If I were to make a big score-say in the 1Mill gurantee for 10k, do I have to report my winnings at the end of the year and can I legally keep my winnings?
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depends on the country here in venezuela there is no regulation for poker so all that I withdraw is only profit without giving anything to the state
 
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