online poker tax

HypeHillbilly · Aug 17, 2015

Ive been wondering this for awhile now.. When you win big tourneys online over 1k do you pay taxes on it...
and Also If you start playing poker as a pro I know live you pay taxes if you hit the bad beats but other than that i dont think you do.. so how does all that work
anyone shed some light for me

Mantones · Aug 17, 2015

Maybe try to google it,sincerly i don`t know how to answer...

blobman · Aug 17, 2015

In the US of A, income is income, whether from flipping burgers, traing stocks, winning the lotto, playing the slots, ponies, or blackjack, or from poker. Remember, they got Al Capone for tax evasion. Even income from illegal sources is taxable, so don't get caught not paying. That's why you should always keep good records and receipts of poker wins and losses because only the net profit if any is taxable and there may be a way to roll over losses from year to year.

Of course with all that said, my blanket advice would be ask a tax professional and/or tax lawyer, not some degens on a poker forum

CallmeFloppy · Aug 17, 2015

Here is a link straight from the IRS website that might help.

http://www.irs.gov/uac/Do-I-Need-To-Claim-My-Gambling-Winnings-and-Can-I-Deduct-My-Gambling-Losses?

You would also have to check with your states tax laws for what you might be required to pay on that as well.

HypeHillbilly · Aug 18, 2015

yeah but its kinda a wierd system like thats why billion dollar corparations dont pay taxes becuase they funnnel there money threw off shore accounts in countrys with no taxs but since your money is already in a offshore account for ex ACR is in costa rico so you shouldnt have to pay taxes right?

blobman · Aug 18, 2015

I'm not sure what the rule is if the money is still on the site. You may not have to pay the tax until you cash out. But that could be completely wrong so again, ask a pro, not me.

unamed · Aug 22, 2015

have the variable of the country you live and if your gorbenament now were come the money

almanik · Aug 22, 2015

Poker must be free of taxes. Nobody will not pay you when you lose money. Why players must to pay in cases when they win? Any state that will make poker free of taxes can involve many people that play poker professionally.

teepack · Aug 25, 2015

Poker is not free of taxes, at least not in the U.S. Some governments, like Greece, tax winnings for online players as soon as they win a tourney and do not give credit for any losses (something like that).

For U.S. players, the thing to do would be to keep a spreadsheet of your wins and losses for the year and then at the end of the year, put your net winnings in as additional income. If you are a net loser for the year, you cannot deduct your losses.

theboss · Aug 26, 2015

Whether you pay taxes or not and how much that amount will be depends on which country you live in. In Greece you pay taxes daily.... If you win less than 100 euros in one day the money is tax free. If you win more than 100 euros and less than 500 euros you pay 15% in taxes. If you win more than 500 euros in one day you pay 20% in taxes. The amount you have to pay is taken directly from your account daily at 7 a.m. Thats why you see Greek players registering early in tournaments, because if for example you win 500 euros you can register early in a couple of tournaments that start 2 days later and the buy in is $215 and it will look like you won 500-215-215=70euros. then unregister the day after and so on. In that way you can have $36500 tax free yearly. Players have to do that because the taxes are very high.

therealslomo · Aug 27, 2015

you're supposed to. I think all that will be tracked if there is ever regulation.

hutzpaf · Aug 27, 2015

In Finland don't have to pay taxes if playing the EU site or country but if you win something e.g. wsop you will have to pay tax.

rawbad · Aug 27, 2015

in usa as soon as you get money you have to pay tax for that year unless its 500 or less its earned taxable income

benspocket · Aug 27, 2015

HypeHillbilly said:
Ive been wondering this for awhile now.. When you win big tourneys online over 1k do you pay taxes on it...
and Also If you start playing poker as a pro I know live you pay taxes if you hit the bad beats but other than that i dont think you do.. so how does all that work
anyone shed some light for me

well when i hit a bad beat a while back i had to pay taxes on it, and i have herd they do that a big payouts
hope this helps to your issue
ben

SnowedIn · Aug 29, 2015

depends on the country is the simple answer

Zorba · Aug 29, 2015

Taxes on winnings F*** That, no taxes on winnings here in Australia

The government can go f*** themselves.

:top:

theboss · Aug 29, 2015

Zorba said:
Taxes on winnings F*** That, no taxes on winnings here in Australia

:top:

you are lucky man. Same thing goes in the Uk too i think. there should be no taxes

Chazzorik · Aug 29, 2015

Taxes? Here in Brazil I can't even play poker in some cities!! -.-

online poker tax

HypeHillbilly

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Mantones

Visionary

blobman

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CallmeFloppy

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HypeHillbilly

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blobman

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unamed

Rising Star

almanik

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teepack

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theboss

Rock Star

therealslomo

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hutzpaf

Legend

rawbad

Legend

benspocket

Rock Star

SnowedIn

Rock Star

Zorba

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theboss

Rock Star

Chazzorik

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