So who is filing as a pro for their 2006 taxes? - Page 2

aditya · #11 10-02-2006, 08:11 PM

Wait, I'm 18, and I don't even have a work permit. I've gone from 175 to around 4K right now. If I cash this all out, do I need to pay taxes on this? What happens if I don't?

yeliabttocs · #12 10-02-2006, 08:15 PM

Hey! How about claiming unemployment now that the govt has shut down an online pro's career?

greg nice · #13 10-02-2006, 08:24 PM

[ QUOTE ]
Wait, I'm 18, and I don't even have a work permit. I've gone from 175 to around 4K right now. If I cash this all out, do I need to pay taxes on this? What happens if I don't?

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you have to pay taxes on any money you make. if you dont, well, im sure you heard stories about people not paying taxes. assess your risk tolerance and make a choice

aditya · #14 10-02-2006, 08:26 PM

Alright, how the hell do you pay taxes? I want to do it without my parents finding out.

Sephus · #15 10-02-2006, 08:27 PM

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Alright, how the hell do you pay taxes? I want to do it without my parents finding out.

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lol

Dementia · #16 10-02-2006, 08:30 PM

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[ QUOTE ]
Alright, how the hell do you pay taxes? I want to do it without my parents finding out.

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lol

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ASmith84 · #17 10-02-2006, 08:47 PM

[ QUOTE ]
Wait, I'm 18, and I don't even have a work permit. I've gone from 175 to around 4K right now. If I cash this all out, do I need to pay taxes on this? What happens if I don't?

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You don't need a work permit when your 18..

kutuz_off · #18 10-02-2006, 08:55 PM

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Alright, how the hell do you pay taxes? I want to do it without my parents finding out.

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From http://www.bash.org/?3936

<+kritical> christin: you need to learn how to figure out stuff yourself..
<+Christin1> how do i do that

Go to a local library, pick up taxes brochure. Otherwise, www.irs.gov is your friend. Also, there's certain threshold under which you don't even have to declare, let alone pay taxes. You might want to consider losing enough by the end of the year to get under that threshold [img]/images/graemlins/smile.gif[/img]

Oh, FYI taxes are paid on the money won during the year, not on money withdrawn.

aditya · #19 10-02-2006, 09:04 PM

What's the difference between money won and money withdrawn? Wouldn't the money withdrawn - money first deposited = money won.

m_the0ry · #20 10-02-2006, 09:07 PM

I have to agree with the first post. The government does not have the means to investigate every financial transaction. That would be impossible. They can only make a blanket statement to scare united states banking corporations.

I never knew that you could file any of your income as poker winnings. I figured those would be confiscated. I have never had more than a four figure income from poker, however, so that means I would go unnoticed.

In washington, where I play from, it's a class C felony to play online poker. Number of arrests made for online gambling in washington? zero. The police don't have financial transaction records or mac address records. Those are privately held.