tax

sslater · Jan 29, 2014

I would have questions about the taxation of poker winnings. must be taxed each win (or any withdrawal of money from the poker rooms) or is there any amount that is not taxed?

jsaw · Jan 29, 2014

Depends where you live. In the US your winnings are subject to tax; in Canada they are not in most instances. Suggest you Google your question - there are lots of discussions ont he subject and some good ones on Cardschat.

sslater · Jan 30, 2014

thank you for the advice. I try to look for.

OliverOliver · Feb 2, 2014

Try to keep track of your losings too. You can deduct your loses from your winnings, and if they cancel out to 0 then you wouldn't owe anything.

The levels at which you deduct expenses depend on how serious your game is. For example, if it's a full time income you could deduct all sorts of cool stuff. However, if you're just more of a casual player, it'll likely just be your loses that you can deduct.

WeenieSVK · Feb 2, 2014

Definitively depends on country. Here in Slovakia you dont pay any taxes from these winnings

But for example if you win like car or TV or whatever, you have to pay 14% of prize value as health insurance contributions

If you dont have money, better to not win that car lol

sslater · Feb 2, 2014

so it is great. it only really need to win the money to make it worthwhile pick: D

S3mper · Feb 7, 2014

I have a question myself..

If you satellite your way into a tournament can you deduct that entry fee from your taxes?

Example you play a $110 qualifier and you win a $1,100 tournament ticket and you enter into a tournament using the $1,100 ticket and you lose can you deduct this $1,100?

Sure it isn't $1,100 out of my pocket but it is $110 out of my pocket and technically I could have sold my ticket instead of using it to enter so that $1,100 ticket actually had the cash value of $1,100...

kidkvno1 · Feb 7, 2014

S3mper said:
I have a question myself..

If you satellite your way into a tournament can you deduct that entry fee from your taxes?

Example you play a $110 qualifier and you win a $1,100 tournament ticket and you enter into a tournament using the $1,100 ticket and you lose can you deduct this $1,100?

Sure it isn't $1,100 out of my pocket but it is $110 out of my pocket and technically I could have sold my ticket instead of using it to enter so that $1,100 ticket actually had the cash value of $1,100...

You can only deduct up to the amount of winnings, and not over it.
You can only deduct the $110, since you must prove that you paid $1,100 to enter the MTT.

Side note, you must pay tax on the $1,100 ticket, since it is counted as win and not a loss.

jj20002 · Feb 7, 2014

you can ask John Carpenter, he works for the IRS

RogerZzz8979 · Feb 14, 2014

I live in the Netherlands. Everything over €450,- gets charged with a whopping 29% tax rate! So unfair...it's not like you can retract your investments, so they only look at winnings, not profit. Plus what to think when you make thousands of $'s with a bankroll started up from FR's. Is that still gambling?! Poker is not the same as sitting behind a one-armed bandit or roulette-table...with those, a monkey could take your place and you would have the same result.

dmorris68 · Feb 14, 2014

In the US, all poker winnings are taxable income (which can be offset by current year losses), regardless of the amount.

Also, there will be no promotion of tax fraud in this forum. People's individual tax situations and decisions (and consequences) are their own -- CC will not be seen as a forum promoting tax fraud.

LgBassMan · Feb 18, 2014

jsaw said:
Depends where you live. In the US your winnings are subject to tax; in Canada they are not in most instances. Suggest you Google your question - there are lots of discussions ont he subject and some good ones on Cardschat.

Yes, Canada, the same place where you win the lottery say for $50 million and you receive the full $50 million. I always chuckle at those TV shows like "Lottery Changed My Life"-- "We won $4 million in the state lottery and after taxes we received $2.1 million". Money won is always great but those taxes kill me, almost seems like false advertising, those jackpots should show what you would receive after taxes!

S3mper · Feb 18, 2014

Also how you don't even get the full 4 million before taxes like the Warren Buffet thing (and everything else) win a billion dollars by getting them all right... Noooo you can get a lump some of 500 million then taxes are taken out of the 500 million...

If I won a billion dollars give me my billion and then tax that

What the hell is the point in the lump some?

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