#1
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POKER INFO - Poker Taxes
ok, say in a few years i become an online pro poker player, say i make exactly 100 thousand in a year, while following the tax rules, what is the BEST way to pay the least amount of money in taxes, what numbers am i looking at? make 100 thousand and keep 75 thousand of it? i would GREATLY appreciate an email back with a detailed answer explaining everything. Thx
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#2
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California
What's the tax effect of winning a seat in a satellite, but not placing in the money? Is the value of the seat counted as income at fair market value, or--I would have to think--both income and an expense, since you're actually using it to gain entry for the real tournament?
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#3
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Nebraska
Hello, I am inquiring paying taxes on Online Poker winnings. I was if being an internet player I am suppose to keep a log?
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#4
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keeping a log is a good idea. It will show the IRS that you keep track of how much you made.
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#5
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Pennsylvania
If I win the Aruba Classic, hosted by Ultimate Bet in Aruba (outside of US) and Ultimate Bet is not a US company, would I have to pay taxes on my winnings? Right now 1st place is guaranteed at $1M.
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#6
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yes, if you live in the United States then any money you make is taxable - no matter where you make it.
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#7
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Pennsylvania
for online, can't you just withdraw in small amounts (say $500) at a time) and avoid taxes altogether?
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#8
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Poker Taxes
any amount you make is taxable income, period. There are no shortcuts, or removing in small amounts. These will all catch up to you eventually.
Last edited by HPG ADMIN; 04-22-13 at 02:49 PM. |
#9
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New Jersey
Can one deduct expenses (books, travel, etc) related to one's poker winnings? If so, does one simply count expenses as a loss or allocate them to sessions?
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#10
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Ct
Say I win $3,500 playing online, $500 in home games, and lose $500 at the casinos. Must I itemize the $500 loss and report $4,000 in income, or can I simply report $3,500 in net income and absorb the losses into that figure?
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#11
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England,UK
Im from England,UK and I heard that if a brit were for example to win the WSOP main event they wouldn't have to pay any tax on the winnings,due to a tax treaty between the US and UK.Is this correct?and if so...more pro American players should try and get British citizenship??!!
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#12
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Texas
I have been playing poker tournaments at the casino's in Louisiana. They have been withholding the 6% tax for the state. Is this refundable? I have been told that since I do not reside in LA that I can get this back? Any help? Thanks.
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#13
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Texas
I guess I'm screwed because I dont think I'm going to pay ANY taxes from my online winnings... OH WELL!
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#14
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Indiana
Its not true that all income made outside the U.S. is taxable. I work and live overseas and none of my income is taxable, except what is made over 88k.The other catch is if you pay taxes in another country, then you are exempt from U.S. tax.
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#15
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New York
if i declare myself as a professional poker player, arent the taxes less compared to someone who works a regular job, and earns a little money gambling.im talking about 200-250 K a year.im not sure how to declare myself as a pro poker player.
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#16
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Oregon
I'm doing my son's taxes - he's a student and plays online poker. I want to make sure he pays taxes on his winnings, so any advice anyone can give me is great. The site he plays on hasn't sent him any info on how much he won in 2004. Should he just track it the best he can and use that figure?Does he need to report how much he bet vs. how much he won or is it enough just to have the amount he won?By the way - before anyone lectures me on this, I'm far less than thrilled that he does this, but let's pretend a college student listens to his mother for two seconds.Thanks for any help.nancy
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#17
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Massachusetts
Hey guys, don't ppost your real email address on the net and then ask about dodging taxes.Not SMART!!
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#18
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Texas
I live in TX, which does not have a state income tax. I am currently a college student, and my only source of income comes from online poker, where ive made about 4 thousand this year. I have not kept track of every session like i think your suppose to. But how should i go about filing for taxes? and would i be classified as a pro, since its basicly like a job to me, and no other source of income. And also how much would i have to pay to the IRS for federal income tax. ty
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#19
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Virginia
It used to be the case that anything less than 10k being wired into the country would not raise an IRS flag. Now, especially post 9/11, consistent deposits of money form outside the country could be problematic. My husband is a pro, and for online we use Neteller. This way, you can look back at what you have sent to your bank account by EFT for the whole year, add it up, and that's your income. And for those who were wondering, it doesn't really count until you get it OUT somehow--so the money you have on your PokerStars account, for example, is not taxable. It's not income until it is actual, spendable money. Cause at that point, you could still lose everything you've won before it even gets into your hot little hand, see? So all you have to do is use the same intermediary service (like Neteller) and look at your EFTs. This has been effective for us at least. Might be a good idea to put aside 1/3 of your winnings as well, if you don't want a nasty surprise come tax time. If you are strict about it, you may get a "refund" in that you might not have to use all 33%. But that's a good rule of thumb.
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#20
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Pennsylvania
A few years ago i cashed out twice from an online poker site and received 2 seperate checks and deposited both of them. They totaled about 700 dollars. Now i didn't bother to report that as income in any way. Should i have? What about if i cash out and receive checks this year? Do i report it as poker winnings and how do i determine poker losses? Basically can you get away with depositing checks from one of these sites without getting audited down the road and having to pay tax on it?
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#21
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New York
I play poker on partypoker.com and i play at casinos and I play amongst friends. The withdrawals from my partypoker account to my bank account exceeds thatt of $40k last year so I was wondering what happens if I don't report taxes?
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#22
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Washington
how can the irs get involved with my winnings on ultimate bet? what is the best way to keep track of my losses and winnings?
Last edited by HPG ADMIN; 04-22-13 at 02:50 PM. |
#23
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It's simple. If you are serious about playing poker to make a living and not paying anyone a cent of it, give up US citizenship for starters.A good guide for become tax-free is here:[url]http://www.sovereignlife.com/essays/27-09-04.html[/url]. Only do it if you are serious about this and/or if you really disagree with a certain country's ethics, systems, etc as I do.
Last edited by HPG ADMIN; 09-26-13 at 04:56 PM. |
#24
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Usa
Yes and if you are not a total selfish unresponsible leech on your community, than pay your taxes. Whether we are overtaxed or not, it does go towards some benefits that you are probally currently leeching off of.If you dont like the country you are living in, enough that you are going to drop your citizenship, then you should LEAVE! There are plenty of other places you could go, you can probally have a better time at playing online poker there anyway.
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#25
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Minnesota
Won over 15K online gambilng from gibraltor.... I am gonna request 2 seperate checks... 7500... .IRS won't find out. Correct?? becuz gibratlor doesnt report.... HOW would the IRS find out??? only if I am truthful.. CORRECT? please hit me back
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#26
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South Carolina
CRIS-If you make $75,000 a year and don't report 15K, yeah, the IRS probably won't find out, because you've already payed a healthy amount of taxes.If you are 18 years old, with a $5 an hour job, and go buy a lot of new stuff with that$7500, yes, they MAY find out. How do you think the IRS guys find cases? They have little snitches out there. Their little snitch is at the titty bar, who just saw you blow a grand, and leave in a Limo, guess what? Local IRS guy finds out. BUT, it's only $7500, so I don't think they will be too worried about you, unless their caseload is light, and they had a bad day when they caught wind of all your spending with the lack of income. Good day
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#27
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Minnesota
Hi all, my name is Tim and I just found this message board and started to read some of the posts. I play online about 25 hours a week and make about $400 a week, but have yet to cash anything out. How can the IRS track deposits to your account if you keep them fairly small? Also, I believe the "Party" site will deliver checks to your house, could this be a way to avoid paying 30% of your hard earned money?Any help would be greatly appreciated,Thanks
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#28
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Oregon
how do i become a pro poker player so i can right off all my expenses connected with my new occupation?
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#29
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Florida
Do I have to pay taxes for money earned on Ultimate Bet, a non US gambling site?
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#30
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Washington DC
Wow, a lot of nonsense on this site. If you are a US citizen, every $1 in gambling winnings (less legitimate deductions) is taxable income, no matter where you win it. SOMETIMES there is a treaty which allows you to pay taxes only in the country where you earn the income, but no such treaties exist where most of the offshore betting goes on. Winnings are taxable the moment they go into your account and you are able to get your hands on them, not when you actually withdraw them. Dodging taxes can land you in jail. The IRS has lots of ways of finding out.
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