Do pro poker players pay taxes on private game earnings?

[Rigel]

I'm sure no one can avoid paying income tax on money won in tournaments - the earnings and buy-in amounts are public records. But if a pro earns, say, 100k in cash in a high-stakes poker game, will he pay taxes on it (clearly the law says he must)? If he doesn't pay tax, how does he avoid it- just keep the cash in a safe deposit box?

[Howard Beale]

Sometimes, if you don't pay, not only do you get to keep the entire amount you win but you also get free digs and meals. Sex, too.

[soko]

[ QUOTE ]
clearly the law says he must

[/ QUOTE ]

Which law would that be?

[milliondollaz]

[ QUOTE ]
[ QUOTE ]
clearly the law says he must

[/ QUOTE ]

Which law would that be?

[/ QUOTE ]

haha, LOL at the "can you quote which law states that i have to pay income tax" guys.

i'll agree that the IRS is the biggest organized crime racket in the country right now, but there is no way i'm standing up to them.

[Jamougha]

Not if they have any sense.

[bobman0330]

[ QUOTE ]
[ QUOTE ]
clearly the law says he must

[/ QUOTE ]

Which law would that be?

[/ QUOTE ]

26 U.S.C. sec. 1?

[Kathy]

Imagine that! Paying taxes on poker winnings, who would of thought of that?

So, there is the rake, and taxes.

How big is the poker pond that it can fade a 50% drop?

Any ideas>

Kathy

[youtalkfunny]

Interesting quote heard in a poker room. One player to another, about a very wealthy man: "The only way he can go broke, is if he doesn't pay his taxes." I really never thought about it that way.

[youtalkfunny]

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How big is the poker pond that it can fade a 50% drop?

[/ QUOTE ]

The lottery pond continues to thrive, despite dropping >100%.