#1
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tax or no tax?
say i won less than 3k from now till next year, do i have to pay taxes?
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#2
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Re: tax or no tax?
is 3k not considered income these days
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#3
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Re: tax or no tax?
[ QUOTE ]
say i won less than 3k from now till next year, do i have to pay taxes? [/ QUOTE ] Do you have no other income? |
#4
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Re: tax or no tax?
[ QUOTE ]
say i won less than 3k from now till next year, do i have to pay taxes? [/ QUOTE ] A big rule in poker: Don't limit your winnings. But if you make 3k net, it would still be dependent on your total winning and losing sessions, not the net of them (which I'm guessing you're saying is 3k). |
#5
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Re: tax or no tax?
my total winnings are less than 3k, and my only income. still pay taxes?? what you mean by losing and winning session( i have to add up all the times i won each table)? 3k is my net winnings. also what is the most i can win without paying taxes in US?
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#6
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Re: tax or no tax?
Something like 7k.
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#7
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Re: tax or no tax?
according to the 1040 instructions book: If no one can claim you as a dependant you don't have to file a return if you make under $8,450 gross income (single, 16,900 if married)
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#8
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Re: tax or no tax?
If you won $3K and never lost then you don't have to file. On the other hand, if your total winning sessions is $30,000 and your total losing sessions is $27,000, then you are required to file.
Lots of definitions of sessions floating around. A table or a day are the two that seem to be most popular. |
#9
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Re: tax or no tax?
how about if i cashed out 3k and deposited like 500??
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#10
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Re: tax or no tax?
i dont understand what you mean by winning sessions. it could mean anything
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