Online Withdrawals

[Scuzzz]

Hey, everyone, this is my first post on here, however, I've always gone and browsed these forums for some answers to questions I had. I've always played house games and live, but I've recently decided to go with some online play with ignition (i travel a lot and they let you play in some pretty remote areas) I've made two withdrawals via check already for 5k total. And I'm about to make another withdrawal for another 3k. I was curious though since I'm so new to this, how does this affect taxes? I live in a state that doesn't allow online poker and I'm not really sure how else to answer for the money I'm making if it does pop up on my taxes. Anyone with experience like this knows what to do? Can I just keep making withdrawals like this?(3kish a week)

 

[MemphisGrind]

Hey, everyone, this is my first post on here, however, I've always gone and browsed these forums for some answers to questions I had. I've always played house games and live, but I've recently decided to go with some online play with Ignition (i travel a lot and they let you play in some pretty remote areas) I've made two withdrawals via check already for 5k total. And I'm about to make another withdrawal for another 3k. I was curious though since I'm so new to this, how does this affect taxes? I live in a state that doesn't allow online poker and I'm not really sure how else to answer for the money I'm making if it does pop up on my taxes. Anyone with experience like this knows what to do? Can I just keep making withdrawals like this?(3kish a week)

I have a schedule C as a poker player, therefore any gas receipts to casino, meals, losses and other expenses from my "business" can be written off up to a certain amount. Records of your income are being recorded so if you get audited you will have to answer for it. Recreational players can include their income under miscellaneous income.

 

[ROman77]

I live in Russia ,I have a lot of friends online poker players ..nobody pays taxes ! You can be sure the percentage of the room for the withdrawal,taxes ..what's left ?)

 

[Streetwylde]

My question to you is how are you playing online poker if your state doesn't allow it?

 

[Shady Slim]

My question to you is how are you playing online poker if your state doesn't allow it?

My question as well. In my state, I can't even download the Ignition client because Ignition has it blocked. Same with intertops, pokerstars, etc.

Considering this is a new user who claims to be a newbie to online poker, it seems pretty suspicious about his claims of a few K of winnings every week. I mean come on, is this some kind of troll?

 

[Streetwylde]

My question as well. In my state, I can't even download the Ignition client because Ignition has it blocked. Same with Intertops, PokerStars, etc.

Considering this is a new user who claims to be a newbie to online poker, it seems pretty suspicious about his claims of a few K of winnings every week. I mean come on, is this some kind of troll?

Right on. I agree. Same here. If I tried to DL those sites I can't because it says something about not being allowed to play for real money and such. I can play on Ignition though but choose not to because it seems like it's not that good there. Very low volume and hard to find games. My state is ok with gambling so I have no issues there. I just wish we could start playing anywhere online we want like back in the day. Hopefully soon.

 

[sheltowee420]

I think that it is time to get a book on the subject and read up.

 

[cheeeer]

I don't understand why to pay if they try to make it prohibited.

 

[fastfash25]

The IRS doesnt need to know your playing. Keep talking it out in smaller amounts and It should come off your credit card as sporting goods or something else to disguise it. Or you better keep track in case of an audit. Unless its illegal in your state(if from the US) then disreguard and you should not play

 

[freestocks]

If you're makin that much it won't look good on the food stamp application.

 

[Shady Slim]

I don't understand why to pay if they try to make it prohibited.

In the USA playing online poker is not prohibited on a Federal level and the IRS will take its cut for any type of gambling. The only thing the USA prohibited was the banks from electronically transacting with off-shore poker rooms. US citizens could play poker, but do not have a method of transferring funds.