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Go Back   Poker Forums > Texas Hold Em Rooms > Poker Sites > Poker Stars

Poker Winnings on Tax Returns

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Old 02-25-2005, 03:56 AM
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BrPanthers99 is offline
 
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Default Poker Winnings on Tax Returns

What do u do with online winnings and declairing them for taxes?
  
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Old 02-25-2005, 12:52 PM
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In a real casino you get a W2-G
Online, well I don't think you get one. But you can count gambling losses against winnings. But according to federal law, you still need to claim them.

If you move more $10,000 to your bank account, the IRS will know...
  
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Old 02-26-2005, 09:49 PM
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True that you may file your winnings with the IRS. But, be smart about this. Don't offer them information to open you up like a can of beans. They will. If you received a receipt for winnings in a casino, with your SSNO or TaxID on it, that means they reported it to the IRS. You might fill out your tax return stating Losses = Winnings. I have for the past 3 years. No issues. As far as $10K moving in or out of a personal account, all banking institutions must do so. Use the money changer accounts if you happen to nail $30K or so. Then, ask for the money by Fed Ex in small amounts. Keep track of what you spend to get into tournaments. That money is deductible also. If you are silly enough to consider yourself a professional gambler, and you are still asking this question, then you are really setting yourself up with a 'pride' title and a visit from the IRS. Don't classify yourself as a professional gambler and don't declare small amounts.
  
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Old 02-27-2005, 11:26 PM
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But again if you deal drugs, and claim that on your taxes (your earniongs, profits) then Govt can not use the IRS records in court as evidence as you delt drugs (if that was the only proof) BUT if you dont claim your drug earnings to the IRS.. then they could tax on a tax evasion charges to get you to do more time.. (and these are more serious than the drug ones!!)
  
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Old 03-03-2005, 03:04 AM
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Quote:
Originally Posted by Kamakize
But again if you deal drugs, and claim that on your taxes (your earniongs, profits) then Govt can not use the IRS records in court as evidence as you delt drugs (if that was the only proof) BUT if you dont claim your drug earnings to the IRS.. then they could tax on a tax evasion charges to get you to do more time.. (and these are more serious than the drug ones!!)
tax evasion charges are more seriouse than drug charges?

becareful when you deduct your losses and make sure you keep good records
  
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Old 03-03-2005, 01:09 PM
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Not saying anyone does.. but alas if you do, you wont get the tax invasion charge!
  
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