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Message: [QUOTE="hawtshawt420, post: 1814614, member: 76070"] I'm hearing people saying to tax just the profits, not the deposits at all. I've never done stock and I hear that comparison so that might be my misunderstanding but how can they just tax profits? If someone comes in and dep 100 loses it and deposits another 100 ( down 200) and loses that are these tallied up? Then they deposit another 100 (down 300) and win some 50 dollar thing and cash out 150 and say screw poker. so they'd still be down 150 but they just withdrew 150. that's untaxed since they put more into it? not until they withdraw more than a total of 300 would it be taxed? or if you are a pretty good player put in the 100 get your roll up, and take the 100 out, tax free. play with what you won and withdraw 300. hit a cold streak and decide to add 100 to your roll, so you'd really be up 200 but you deposited 100 of your profit. get your roll back to comfortable and take that 100 out again? would that 100 be taxed since you deposited it? or since it was technically profit that you wouldn't have had had you not played any poker? Obviously no one wants to be taxed on money that is really theirs already but it seems easier and more trustworthy (if you haven't paid attention to the stuff going on and see a poker site and do like above and aren't taxed on your first 150 withdraw but then get better and withdraw idk 500, so 350 would be taxed but they weren't taxed before) could kill the system because people are uneducated and angry. not to mention more money for the gov if they just put a rate on the whole amount. Sorry for the long comment and, like i said i don't do stocks so these may already be laid out. It just can get really confusing really quickly, like 90% of tax things. [/QUOTE]

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