TAXES?!!?!

luckycharms · #1 04-12-2006, 08:11 PM

ok i've won like 4 or 5k this year on pstars and all of it's in checks sent to me. Am I gonna get audited? How do I pay taxes on this? Do i have to? I have never paid them before on gambling wins, but I've never really won this much.

please point me in the right direction before i get arrested..... again

Mossberg · #2 04-12-2006, 08:38 PM

OH BUDDY YOU'RE GOING DOWN! ! ! [img]/images/graemlins/frown.gif[/img]

Slappz · #3 04-12-2006, 09:15 PM

lol

luckycharms · #4 04-12-2006, 10:46 PM

i'm serious yo. Nobody has advice? Remember when you could get good advice on 2+2?

augie_ · #5 04-12-2006, 11:15 PM

[ QUOTE ]
i'm serious yo. Nobody has advice? Remember when you could get good advice on 2+2?

[/ QUOTE ]

You pay taxes on this money but putting it on your tax return, and mailing them a check.

If you don't pay and you get caught, you will be sent to federal pound-me-in-the-ass prison for a very long time.

Mossberg · #6 04-12-2006, 11:24 PM

Naw man.. I would declare it as income.. pay somebody to do your taxes and tell them how much you've made with poker and show them records if possible (pokertracker print-outs) or whatever...

If you dont pay taxes on 'em, there is a very high chance you will never be found out. BUT, if you do get caught it WILL NOT be a good thing, in fact, it will quite likely turn your life upside down.

Be honest and pay the tax man..

Davey · #7 04-12-2006, 11:30 PM

You could always search the zoo, or finance forum for all the threads in there.

Nomad84 · #8 04-12-2006, 11:42 PM

total of all winning sessions = income
total of all losing sessions = deduction

If you weren't already going to itemize, you'll get screwed. If you were already going to itemize, you may or may not get screwed.

Jake M. · #9 04-13-2006, 04:33 AM

Im not even sure if you have to claim anything to be honest. That's why they have this bill right now going in Congress about getting internet poker either banned or taxed. The government isnt getting a dime from it right now so thats why this topic has been brought up. Also, if you go to a casino and play in a cash game and you cash out, you dont have to fill out paper work. See now if you make it your carrer, thats different. BUT if you do it for a little extra money here and there, you dont have to file anything. As far as tournaments are concerned, now thats different. I know the big WPT/WSOP tournaments, you have to file those. But internet might be different because its all going through neteller. I dunno, im no tax man but I think you're safe.

Nomad84 · #10 04-13-2006, 07:53 AM

This is completely wrong. Just because you didn't file paperwork on it yet doesn't mean you don't owe taxes on it. You are required to report this as income, just as I said earlier in this thread. Technically speaking, if you walk into a casino and play one hand of blackjack for $2, win, and leave, you are required to report that $2 in gambling winnings on your taxes.