Ok, since i'm turning pro i'm gonna start filing taxes. HELP!

[ChexNFX]

You'll be paying 40%

[thegowzer]

.... 40% of my winnings? Thats 6k a month, more than an average salary alone. REMEMBER I LIVE IN CANADA

can anyone confirm that?

[amazinmets73]

40%.... dammit... theres gotta be a way around this

[emptyshell]

Canada is completely different and a lot better than the U.S., from what I hear. Negreanu has a really nice tax situation even though he is living in the U.S., due to his Canadian citizenship.

The rest of us are screwed, unless you want to risk going to jail. Granted, it's a small chance that they catch you, but still, you probably don't want to ruin your life over a few tens of thousands of dollars.

[NickMPK]

Canadian income tax ranges from 15% to 29% depending on your income level. There is also a provincial tax which varies widely from province to province, but can be as high as 18%.

There is a way around this...just quit poker and get a regular job that doesn't pay as much, and you'll be in a lower bracket.

BTW, I'm not Canadian, but I found this information within two minutes on Google. 2+2 isn't the only website on the internet.

[tedtodd]

If Online Poker supposedly isn't legal here in the U.S.- why pay taxes on something illegal?

I wouldn't pay taxes on drug dealing.

[Scary_Tiger]

[ QUOTE ]
If Online Poker supposedly isn't legal here in the U.S.- why pay taxes on something illegal?

I wouldn't pay taxes on drug dealing.

[/ QUOTE ]

Stupid and very wrong argument.

[DoTheMath]

I am not qualified to give you tax advice, so I won't, but if you think you are likely going to make tens of thosands of dollars playing poker, you should take advice from a qualfied source. In Cananda, there are two types of qualified source, and one is free!

Call the Canada Revenue Agency Individual Income Tax Enquires Line (1-800-959-8281). There is no reason why you would have to make this call from your own residence or mobile phone. Ask them things like: what is taxable when you win money playing poker, what records must you keep, how do you calculate profit, what are allowable expenses, etc. You could also search their website at http://www.cra-arc.gc.ca. Personally, I didn't find the level of detail that would be needed, but it may be helpful to you.

If you REALLY believe you are going to make hundreds of thousands of dollars playing poker, then for the amount of tax you may have to pay, it may well be worth consulting a tax lawyer. The consultation fee could pay off many times over.

But first, validate your assumptions. There are not a lot of people making six figures in their first year of professional gambling. Many profesional gamblers know how many hands they have to play in any format/limit to determine if they really are a winning player at that combination. They know about bankroll management, time manangement, and how to find the right games. They also know a lot of things I don't know enough about even to list them here. If you don't know all these things, perhaps you have a bit more learning to do before you go pro. If you DO know all that, then more power to ya, and good luck out there. It's a hard way to make an easy living.

[kslghost]

This is basically what everyone pays... if you earn THAT much.

[permafrost]

[ QUOTE ]
.... 40% of my winnings? Thats 6k a month, more than an average salary alone. REMEMBER I LIVE IN CANADA

can anyone confirm that?

[/ QUOTE ]Are you a Canadian citizen?