Re: Never paid taxes before... how much should I expect to pay?
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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.
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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.
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Because 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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Your taxes aren't based on what you think the IRS knows.
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