Re: Never paid taxes before... how much should I expect to pay?
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Has anyone ever been audited for not paying taxes on their poker earnings? I have recently been way more succesful and am starting to worry about the amounts I am not being taxed on.
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Willfully failing to report income on your tax return is a crime. Not just audited, people have been criminally charged for failing to report gambling income. It would have to be a pretty big amount before you would have to worry about jail, but even without a jail sentence the fines will break you. I'd put the rough cut off point at about 10K, less than that and just the IRS will take your money, more than that and you can expect the DOJ to take some money too. Over a 100K and a trip to "club fed" is quite likely.
Skallagrim
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