Never paid taxes before... how much should I expect to pay?

[OldNantucker]

Filing as a Poker Pro is no different from any other business. You should declare all winnings/assets and then try your best to maximize deductions legally. Good record keeping is critical in unlikley case of audit. Many businesses do not declare some cash payments and exaggerate deductions to reduce tax burden but this is a decision each individual must make.


As for recreational players, it's simply two tax lines (declaring winnings and declaring losses). Some online players don't declare anything assuming minimal risk since IRS will not have any record of winnings. Others declare estimates of wins and losses and keep poor records. Still others have meticulous records and declare every last penny. Each individual must choose their own course.