Re: Never paid taxes before... how much should I expect to pay?
You said you "made" 50k from poker. Does this mean you got paid out 50k? If not, I was under the impression that you only get taxed on what you get paid out of your poker account. Like stocks, you dont pay taxes until you actually cash out. You pay taxes on the amount you withdrew into your checking account or through WU or whatever method you used. This would be listed in "other income" on 1040 (if you did not file as a pro). Then if you itemize you can claim the losses. If you dont itemize that means the standard deduction was more than your losses anyway so you wouldn't want to itemize and count your losses.
There is no way for the IRS to know how much you have in your offshore accounts. All they can know is how much you have been paid out into your checking account.
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