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#31
10-30-2007, 12:15 AM
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Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] This forum needs to have a ban on posts that either suggest or ask for suggestions on how to commit blatantly illegal acts. Poker players do not help their cause by implying that they wish to participate in tax evasion. [/ QUOTE ] What cause are you referring too? These posts are viewed by other poker players, not people that regulate the legality of online poker. What other people do with their money should be none of your concern. [/ QUOTE ] People not paying their taxes should be a concern of everyone else in the country. DUCY? [/ QUOTE ] Why would it concern you if someone else was breaking the law(the law they are breaking isn't physically threatening you, ldo)? Have you ever paid taxes on your poker winnings? Are you even a winning player? If so, what % are they taking from you? 
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#32
10-30-2007, 01:01 AM
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Re: Never paid taxes before... how much should I expect to pay?
I made about 60k from poker last year and I owed around 20k after penalties. I did not file as a pro.
The penalties rise the longer you wait. To calculate your total winnings and losing sessions you need an excel spread sheet. Use poker tracker to export to it. Then you use a function to add up all of the numbers. Mine were like 400k winnings, 340k losing roughly. This is the correct way to do it.
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#33
10-30-2007, 01:02 AM
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Re: Never paid taxes before... how much should I expect to pay?
Ok, new tax question, I'm sure its been asked before... been living in Europe for 8 months so far this year but am a US citizen, only income 50k in poker earnings as my sole source of income, how do I go about paying the taxman? Also, online gambling is "slightly" illegal in my country of residence... should I pay taxes here too?
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#34
10-30-2007, 01:06 AM
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Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] This forum needs to have a ban on posts that either suggest or ask for suggestions on how to commit blatantly illegal acts. Poker players do not help their cause by implying that they wish to participate in tax evasion. [/ QUOTE ] What cause are you referring too? These posts are viewed by other poker players, not people that regulate the legality of online poker. What other people do with their money should be none of your concern. [/ QUOTE ] People not paying their taxes should be a concern of everyone else in the country. DUCY? [/ QUOTE ] Why would it concern you if someone else was breaking the law(the law they are breaking isn't physically threatening you, ldo)? Have you ever paid taxes on your poker winnings? Are you even a winning player? If so, what % are they taking from you? [/ QUOTE ] Because every tax dollar the that someone else doesn't pay adds to my share of the national debt, and thus my tax liability in the future. Why should I have to pay your share of the tax burden? As a citizen of the country, I have a stake in our national government, and tax cheats are stealing from that stake. I am not a professional player, but I have reported and paid taxes on poker winnings the past two years, and will this coming year as well (I didn't play poker outside of very low stakes home games before this). In the past, I did not keep very good records, and had to report a good-faith estimate of my winnings. This year, I have recorded everything much more completely, so I can report a very accurate amount.
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#35
10-30-2007, 02:47 AM
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Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
Why would it concern you if someone else was breaking the law(the law they are breaking isn't physically threatening you, ldo)? Have you ever paid taxes on your poker winnings? Are you even a winning player? If so, what % are they taking from you? [/ QUOTE ] It concerns me if someone else breaks the law and then posts about it on open forums, as it will cause problems for all of us. I realize you weren't asking me, but I'm a winning player and I pay my taxes. For me, it runs a bit over 1/3 (my marginal rate, as my wife and I each have "real" jobs).
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#36
10-30-2007, 07:29 AM
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Re: Never paid taxes before... how much should I expect to pay?
pay your taxes because you have to and jail isnt fun
but these moral people are hilarious the govt robs you blind and you act like "we're doing our part" The tax laws for gamblers are even more absurd than normal income tax laws I pay my taxes so avoided being pounded in the ass in jail not to feel like im contributing to society
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#37
10-30-2007, 07:48 AM
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Re: Never paid taxes before... how much should I expect to pay?
So what do you do if you played at sites that did not or do not support PT?
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#38
10-30-2007, 09:29 AM
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Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
[ QUOTE ] You said you "made" 50k from poker. Does this mean you got paid out 50k? If not, I was under the impression that you only get taxed on what you get paid out of your poker account. Like stocks, you dont pay taxes until you actually cash out. Then you pay taxes on the amount you gained over the original amount invested. [/ QUOTE ] Wrong!!! First of all, I'm not the one who make $50K (I made more), so this may not be to me. I'll answer anyway. You're taxed on your earning on a session-by-session basis. The IRS does not consider this investment income. [/ QUOTE ] By the way, I wrote "Wrong!!" as strongly as I did only to nip this idea in the bud, not to disrespect the person to whom I was replying.
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#39
10-30-2007, 11:12 AM
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Re: Never paid taxes before... how much should I expect to pay?
What's the IRS definition of a professional gambler? Is it based on how much you play? Whether you have another primary occupation? I believe you must file a schedule C for a sideline business, even if you make more in a full-time job. What makes playing poker a business vs a hobby?
I'm modestly profitable this year, have spreadsheets and Pokertracker as record-keeping, and want to stay legal. It's still small-change compared to my full-time job, though.
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