My First Withdrawal, Do I have to pay tax?
 

I'm mainly a cash game player. I've been a winning player for several months now(thx alot to this forum), Im planing on taking out $1000 from my account. This is the first time im withdrawing money. Am i gonna be taxed for this, if so how much?

Re: My First Withdrawal, Do I have to pay tax?
 

You will not be taxed when you withdraw the money. You will want to declare this income on your tax returns, however, at the end of the year.

Ninth Path

Re: My First Withdrawal, Do I have to pay tax?
 

I can see where this thread is going. We've had many like this that start off with a simple question and quickly devolve into a free for all of bad advice. OP, if you want real answers to your tax questions then hire a tax accountant.

Re: My First Withdrawal, Do I have to pay tax?
 

Assuming you are from the US...

Tax liability occures when you win the money. Whether you withdraw the money or not has nothing to do with it.

How it basically works. You owe Federal taxes on the amount of money equal to the total of all your winning sessions. If you wish you have the option to deduct the total of your losing sessions by itemizing your deducions. For most state taxes it works the same way but there are dozen or so states where you are not allowed to deduct your losing sessions.

There have been a ton of threads on this in the Legislation and Internet Gambling forums if you care to do a search.