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#1
01-29-2006, 11:16 PM
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Minimum amount won required to declare taxes?
How much money can you win before you have to declare taxes? Not like it really matters for me, just curious.
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#3
01-30-2006, 02:16 PM
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Re: Minimum amount won required to declare taxes?
Do you pay taxes now? I ask because if you do, you should have received your IRS forms in the mail by now. Gambling winnings are one of the "other" forms of income. Taxable just like lottery or sweepstakes prizes.
If you don't file now, and don't receive a Form 1099(G?), you might not be concerned. Paper trails absolutely require filing. If your Adjusted Gross Income is <6k your 6k deduction allowance for a single person cancels out any taxes due. I think. I am not an accountant. I am not a tax expert. My opinion is worth exactly what you paid for it. I did save money on my car insurance last week when I renewed with Geico. [img]/images/graemlins/smile.gif[/img]
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#4
01-30-2006, 04:59 PM
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Re: Minimum amount won required to declare taxes?
[ QUOTE ]
$1. That's the law in the United States -- all income is taxable, no matter where it's earned. And you must report poker winnings by session. -- Russ Fox [/ QUOTE ] I had one session on Party poker last year. It lasted from Jan. 1 to Dec. 31.
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#5
01-30-2006, 05:49 PM
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Re: Minimum amount won required to declare taxes?
$.009, once you win one cent, it's taxable.
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#6
01-30-2006, 05:52 PM
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Re: Minimum amount won required to declare taxes?
That'll pass IRS scrutiny about as smoothly as Richard Hatch's claim he was just a bad bookkeeper.
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#7
01-30-2006, 06:34 PM
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Re: Minimum amount won required to declare taxes?
I havent won money playing poker, so I don't think it matters anyway. I have lost $130 in my small amount of time playing poker online. I don't file taxes since I don't have a source of income.
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#8
01-30-2006, 07:07 PM
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Re: Minimum amount won required to declare taxes?
True, all of the poker income is taxable, but in order to be required to file a return, the law and the IRS have some minimum threshholds before the requirement to file kicks in. Basically, if your personal exemption and standard deduction are more than your income, there's no requirement to file.
http://www.irs.gov/publications/p501/ar01.html#d0e253 If you're still eligible to be claimed as a dependent by your parents, it gets a little more complicated, and the threshold can be much lower.
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#10
01-31-2006, 12:16 AM
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Re: Minimum amount won required to declare taxes?
[ QUOTE ]
The chart basically is saying you dont have to fill a form out if you are making under $8,200. Am i correct on this or did i just misunderstand it? [/ QUOTE ] I just got out my 2005 instructions and did the form for a person filing as single, no dependents, not being claimed by someone else as a dependent, using the standard deductions - and that's exactly right. Anything over $8,200 you must file and pay.
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