do i pay taxes on 250$ i won

oveja_negra11 · Nov 1, 2010

I wouldn't think you'd have to.

camtheram13 · Nov 1, 2010

ramdeebam said:
ps: What happens to holiday makers who go to vegas and luckily manage to land a "win" do you get taxed on it? My father went vegas for his wedding and him and his wife said they won money which covered their travel, accommodation and spending money which was quite nice but didn't mention paying taxes and i'm sure he would of if he did lol. Also, casinos I know have and always will have that edge and say you do win at roulette, when you cash out (being U.S citizen or not) are you taxed or are playing in casinos different?

I'll first start out by saying the US gambling laws are bad.

If you win at Vegas table games as a US citizen, they don't tax you but I think it is your responsibility to report the win on your taxes. If you win over a certain amount at the slots, you must fill out an IRS form before any money is given out.

In live poker, once again it is your responsibility to report your winnings on your taxes but I once sat in on a table that hit a bad beat jackpot and before I could collect my portion of $1,500 they made you take an IRS form.

I'm assuming foreigners that win in Vegas don't pay ANY taxes on their wins. I make this assumption because I have gambled in France, won and nobody ever mentioned taxes to me.

Neoblast · Nov 1, 2010

Hum that's one thing to keep in mind when going to vegas.
So foreign players don't have to pay taxes in the US right?
I wonder if I'll have to pay them when I get back to Spain.

trucker103 · Nov 1, 2010

ok after reading all this stuff here u guys got me so scrared im gonna empty my ewallet and all site accounts and give to charity so i can claim that off my regular wages lol
just as someone said if u win less than 600 i dont think the irs is gonna worry about it ,but they could be watching poker forums for subjects like this !:musicus:

good luck in ur game play hard and win and let the taxes fall were they may

CSuave · Nov 2, 2010

Actually the IRS is pushing for all electronic transactions to be recorded and reported. This would include deposits and withdrawals on poker sites. If this happens, many of the online pros will take a serious hit to their ROI. And some could even stand to take hits of penalties if the IRS decides to audit them.

dj11 · Nov 2, 2010

Just ran across a lotto player here in Ca who bought 3 of the same tickets. I asked why, and he said if the tickets hit, each would pay below the tax threshold of $600. Obviously a California thing, but the notion of taking your winnings out in small pieces has merit.

But the best advice in this thread is to SEE A TAX ACCOUNTANT!

LuckyChippy · Nov 2, 2010

Lol, Americans and their taxes.

kmixer · Nov 2, 2010

Gambling winning have to exceed 5K in order for you to have to report them

http://www.irs.gov/publications/p505/ch01.html#en_US_publink10007297

Exit141RTe1 · Nov 2, 2010

Like any free advice, it is worth exactly what you have paid for it. That being said I would keep track of all winnings minus expenses and claim the rest.

TPC · Nov 2, 2010

kmixer said:
Gambling winning have to exceed 5K in order for you to have to report them

http://www.irs.gov/publications/p505/ch01.html#en_US_publink10007297

No that means if you went to a casino and won 10k in a tournament. The casino would give you the option to take out the 25% for taxes. Or you would have to fill out a tax form which they then report to the IRS.

All money you earn is taxable and should be reported.

suomicory · Nov 2, 2010

well being from canada that seems like a stupid question but yea i guess i dont really kno....

kmixer · Nov 2, 2010

TPC said:
No that means if you went to a casino and won 10k in a tournament. The casino would give you the option to take out the 25% for taxes. Or you would have to fill out a tax form which they then report to the IRS.

All money you earn is taxable and should be reported.

Starting in 2008 the Internal Revenue Service required all casinos and sponsors of poker tournaments to report any poker winnings of more than $5,000.00 to them.

Read more at Suite101: Paying Taxes on Online Poker Winnings http://www.suite101.com/content/paying-taxes-on-online-poker-winnings-a230695#ixzz14B8MdWPF

If a tree falls in the woods and no one is around......?

kmixer · Nov 2, 2010

Looking at my PS and FT accounts I have to wonder, do they even have my SS number?

TPC · Nov 2, 2010

kmixer said:
Starting in 2008 the Internal Revenue Service required all casinos and sponsors of poker tournaments to report any poker winnings of more than $5,000.00 to them.

Read more at Suite101: Paying Taxes on Online Poker Winnings http://www.suite101.com/content/paying-taxes-on-online-poker-winnings-a230695#ixzz14B8MdWPF

If a tree falls in the woods and no one is around......?

Yeah, I know what the law is. I'm telling you, it doesn't matter how much you make playing poker. It's income and should be reported. What you do with write offs ect. is your business. What you don't report is your business. I just know that everything I've ever done wrong, no how minor it was, I've always been caught. So I just don't do anything wrong anymore.

I had to deal with a huge IRS deal last year. Not over poker, but still, I'm not screwing with them. If it's small amounts in the long run if you are caught it's not going to cost you very much so do whatever you like.

kmixer · Nov 3, 2010

TPC said:
Yeah, I know what the law is. I'm telling you, it doesn't matter how much you make playing poker. It's income and should be reported. What you do with write offs ect. is your business. What you don't report is your business. I just know that everything I've ever done wrong, no how minor it was, I've always been caught. So I just don't do anything wrong anymore.

I had to deal with a huge IRS deal last year. Not over poker, but still, I'm not screwing with them. If it's small amounts in the long run if you are caught it's not going to cost you very much so do whatever you like.

TPC.....It isnt that I am purposely trying to avoid paying. Until this thread I honestly never even thought about it. Seriously I dont profit anything in poker that anyone would care about let alone the IRS. My point in that post is that if the casino does not report my earnings to the IRS then I am wondering how they would ever know I made the money? IUt's an honest question. I do actually plan on talking to my accountant about all of this come March.

Also do you know if PS and FT have out SS numbers. I don;t recall giving them that info but I might have.

suit2please · Nov 3, 2010

kmixer said:
Also do you know if PS and FT have out SS numbers. I don;t recall giving them that info but I might have.

While I have no way of knowing what PS and FT have, I know that I never gave them my SS# and they never asked for it.

bigjoker66 said:
This is wrong advice. Consult a tax accountant.

Lots of good info at: http://www.gambling-law-us.com/Articles-Notes/good-questions.htm

Umm, I never said what I was saying was exactly right, but actually none of it was wrong. Just like I said that page says the same thing, you can only deduct up to the amount of your winnings. So you can never claim a loss, and you can never put a negative number in the gambling box. Hmm.

davidjames · Nov 3, 2010

TPC described it good. You should certainly claim any money that you win during the year.

Tygran · Nov 4, 2010

camtheram13 said:
I'll first start out by saying the US gambling laws are bad.

If you win at Vegas table games as a US citizen, they don't tax you but I think it is your responsibility to report the win on your taxes. If you win over a certain amount at the slots, you must fill out an IRS form before any money is given out.

In live poker, once again it is your responsibility to report your winnings on your taxes but I once sat in on a table that hit a bad beat jackpot and before I could collect my portion of $1,500 they made you take an IRS form.

I'm assuming foreigners that win in Vegas don't pay ANY taxes on their wins. I make this assumption because I have gambled in France, won and nobody ever mentioned taxes to me.

^^ not true

I was in vegas a few weeks ago and a UK citizen sat down at the table. This casino (mandalay bay if you are curious) had a high hand jackpot. If you are dealt quads or better on the flop, you win I think it was $800 (might have been $1k..don't remember).

Anyway. this lucky bastard sits down and hits quad sixes on his first hand at the table on the flop.

They took taxes out of his money before they gave it to him because he was a foreign national. I do not know if it is different for different countries or not...also not sure exactly how much they took out.

however you are 100% correct that tax laws and attitudes in the US could not possibly be more idiotic. (although I'm sure I will be proven wrong on this eventually)

bigjoker66 · Nov 4, 2010

suit2please said:
While I have no way of knowing what PS and FT have, I know that I never gave them my SS# and they never asked for it.

Umm, I never said what I was saying was exactly right, but actually none of it was wrong. Just like I said that page says the same thing, you can only deduct up to the amount of your winnings. So you can never claim a loss, and you can never put a negative number in the gambling box. Hmm.

This varies from state to state, but in general you have to claim all your winnings as income to get your base tax amount and tax bracket, then you can deduct all your losses from you loosing sessions up to the amount you won in the winning sessions.

For example if you have a $11,000 winning session then 5 $2000 loosing sessions you have to claim the $11,000 as income and then you can deduct $10,000 in your itemized deductions. You CANNOT just claim a $1000 profit.

Again this varies from state to state. I believe some states don't let you deduct losses.

look at:
http://www.irs.gov/newsroom/article/0,,id=108277,00.html

What you said is technically right just not clear. I shouldn't have said you were wrong.

do i pay taxes on 250$ i won

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