U.S Poker Players Tax Return (US Players Only)

[LuxuryMaster]

Dear US online Poker players,
I would like to know how you take of your winnings from online poker. How many of you actually pay taxes for the cheques you received from online? If you do, what percentage of your winnings do you pay for the tax? The thing is it is not like you get w4 form to fill out or anything everytime you cashout from the website. I am sure it wouldn't make significant different if you are small winnder but what if you win over $50k an year? how do you take of it?

Thanks,

[THAY3R]

(Winnings*5) / 12 + DOB * 2 / pi

[Rainbow Warrior]

http://forumserver.twoplustwo.com/showfl...e=1#Post4712394 (http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=4712394&an=0&page=1#Post 4712394)

[LuxuryMaster]

Thanks, it was very helpful

[DeadMoneyDad]

[ QUOTE ]
http://forumserver.twoplustwo.com/showfl...e=1#Post4712394 (http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=4712394&an=0&page=1#Post 4712394)

[/ QUOTE ]

Current US tax law on poker winning sucks!

If we as poker players are going to fight for regulated on-line poker in some form, which seems to be the current focus of the current legislation. We should make it clear now that this issue needs to be addressed as well.

If poker playing is a skill as the current thrust of the debate, it follows that it should be taxed as such, not lumped in with other gambling winnings from non-skill based wagers.

D$D