Taxes in poker

ksandr010 · Feb 27, 2020

Hi everyone.

I would like to know if you pay taxes on your poker winnings. If Yes, then how : with the money withdrawn or with the total winnings. And how do you record all this officially?

Thanks

kolyasik77777 · Feb 27, 2020

I don't pay taxes. I think this is unnecessary. In a state where officials steal billions of dollars, I would generally reduce the payment of taxes to a minimum.

chris0817 · Mar 2, 2020

why should we pay taxes? there is any law for it? or how came this? I think the poker site where u are playing they pay the tax what need but the players don't needs

Iryna Stryzheuskaya · Mar 2, 2020

I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.

Zaksdad · Mar 2, 2020

If you win more than $600 in a poker tourney or slots I don't think it's an option, IRS insists they take it out first ... all the bales of cash you see on TV are literary license for entertainment purposes only, they have to give you a 1099 and take about 30% or more right off the top before you get any of it ... don't know if they're as anal about $$$ won in a cash game because it would be hard to keep track ... you can write off expenses, losses and entry fees against your winnings if you kept records ...

chris0817 · Mar 2, 2020

Iryna Stryzheuskaya said:
I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.

I don't think so that you should have to do this . there is no law I mean personal law, because the poker sites who have a contract or license in country they cover your the player tax. u can ask the support of pokersite.because by the way in your country noone can see that how much was your winnings in the year only you and the poker site. so that's weird why u should pay

ksandr010 · Mar 3, 2020

Zaksdad said:
If you win more than $600 in a poker tourney or slots I don't think it's an option, IRS insists they take it out first ... all the bales of cash you see on TV are literary license for entertainment purposes only, they have to give you a 1099 and take about 30% or more right off the top before you get any of it ... don't know if they're as anal about $$$ won in a cash game because it would be hard to keep track ... you can write off expenses, losses and entry fees against your winnings if you kept records ...

Thanks

ksandr010 · Mar 3, 2020

Thanks everyone

neptun1914 · Mar 4, 2020

In every country it is different. As far as i know USA have some of the hardest taxes on gambling. In my particular country (Bulgaria) winnings from gambling (poker included) are not taxed and i hope that it will stay this way.

jordanbillie · Mar 4, 2020

ksandr010 said:
Hi everyone.

I would like to know if you pay taxes on your poker winnings. If Yes, then how : with the money withdrawn or with the total winnings. And how do you record all this officially?

Thanks

Yes. In the USA, gambling winnings are taxable and there is a specific line on the Income Tax form for gambling winnings/losses. Just keep a simple ledger of your deposits and withdrawals and report the net amount on your income taxes.

If you have any other tax questions, please feel free to PM me (I'm an accountant!).

ksandr010 · Mar 4, 2020

jordanbillie said:
Yes. In the USA, gambling winnings are taxable and there is a specific line on the Income Tax form for gambling winnings/losses. Just keep a simple ledger of your deposits and withdrawals and report the net amount on your income taxes.

If you have any other tax questions, please feel free to PM me (I'm an accountant!).

Thanks

christmasscorpion · Mar 6, 2020

hi I have never paid taxes

Entrik · Mar 7, 2020

Iryna Stryzheuskaya said:
I pay taxes once a year 13% of my winnings for the previous year. Such a law in my country.

Hi) Please tell me how much do you pay per year for winning your tax?) Just wondering ...

Iryna Stryzheuskaya · Mar 7, 2020

Entrik said:
Hi) Please tell me how much do you pay per year for winning your tax?) Just wondering ...

13% of the amount of my winnings for the previous year

nghoffman · Mar 7, 2020

This reminds me of the absolute funniest screenname I've ever seen: a player named "Women = Rake".

nghoffman · Mar 7, 2020

I don't believe in paying taxes on gambling winnings. It's like doing a 9-5 job and being ask to risk your paycheck while you're working. If you lose, you lose everything. If you win, you owe the government.. Not happening.

BobbyMorton · Mar 7, 2020

Thank goodness I live in Scotland no tax on winnings.

BlackJesus · Mar 7, 2020

Taxes? What taxes?

(blushes)

80abukaH · Mar 7, 2020

Anybody knows how it works in Germany?

Quote me to let me know please

Taxes in poker

ksandr010

Rock Star

kolyasik77777

Rock Star

chris0817

Rock Star

Iryna Stryzheuskaya

Legend

Zaksdad

Rising Star

chris0817

Rock Star

ksandr010

Rock Star

ksandr010

Rock Star

neptun1914

Legend

jordanbillie

Legend

ksandr010

Rock Star

christmasscorpion

Rock Star

Entrik

Legend

Iryna Stryzheuskaya

Legend

nghoffman

Rock Star

nghoffman

Rock Star

BobbyMorton

Visionary

BlackJesus

Visionary

80abukaH

Enthusiast

About CardsChat

Our Community

Our Site