#1
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Poker Taxes
Sorry if this isn't the right forum, feel free to move it.
Basically, I've been playing poker for awhile and I just made alot of money. I had already cashed out $30,000 (in many small checks) and I never told the government about it. However, I have a problem now. I have $60,000 online that I want to get out. Is there a way to get this money out without paying taxes? If not, how would I go about paying these taxes? Is there anyway that I can get my taxes reduced by filing for losses (for example, i lost $30,000 in january, but it wasn't from a new deposit, just profits that I had lost). My next question: Is the 30k that I cashed out safe? Is the government gonna go hunt that down and fine me for not paying taxes on it? Finally, how do I apply to be a poker professional? |
#2
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Re: Poker Taxes
Go see a CPA. You owe taxes. You can't avoid them. You will need to file amended returns for the past years.
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#3
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Re: Poker Taxes
yeah bad idea just pay taxes man
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#4
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Re: Poker Taxes
Paying future and back taxes > freaking out everytime there's a knock on the door or an envelope from the IRS in the mail.
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#5
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Re: Poker Taxes
talk to a CPA, but unless you are living abroad or have <$10000 in expenses (non loss) you don't wanna be a pro if u can avoid it.
(I'm assuming your from the USA) |
#6
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Re: Poker Taxes
You've received good advice thus far -- "see a CPA" and "just pay the taxes".
I might be reading too much between the lines with your "new deposit" vs. "just profits" comment, but I want to stress that you owe taxes for the year in which you earn/win monies...not when you withdraw them from a site. |
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