Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
[ QUOTE ]
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. Then you pay taxes on the amount you gained over the original amount invested.
[/ QUOTE ]
Wrong!!! First of all, I'm not the one who make $50K (I made more), so this may not be to me. I'll answer anyway. You're taxed on your earning on a session-by-session basis. The IRS does not consider this investment income.
[/ QUOTE ]
By the way, I wrote "Wrong!!" as strongly as I did only to nip this idea in the bud, not to disrespect the person to whom I was replying.
|