Re: Never paid taxes before... how much should I expect to pay?
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As for recreational players, it's simply two tax lines (declaring winnings and declaring losses). Some online players don't declare anything assuming minimal risk since IRS will not have any record of winnings. Others declare estimates of wins and losses and keep poor records. Still others have meticulous records and declare every last penny. Each individual must choose their own course.
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I'm going to post this question once more and hope to get a decent answer. You talk about some people not declaring any money assuming minimal risk. How minimal? People keep talking about avoiding jail by declaring their winning. I doubt a jail sentence would be handed out for not declaring 20-30k in online poker winnings. Am I wrong, what penalties will be given out if caught?
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