Legal Online Poker and Taxes

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FoBreeze

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  • #1
So if you play legal online poker in a state like my state (PA), then what is the deal with taxes? I saw something on Pokerstars about "Taxable events" etc and also what if you decide you want to do it for a living part time or full time? Is there a threshold that you have to start paying taxes on it? What's the deal?

Thanks a ton for any help on this.
 
Poker_Mike

Poker_Mike

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  • #2
FoBreeze said:
So if you play legal online poker in a state like my state (PA), then what is the deal with taxes? I saw something on Pokerstars about "Taxable events" etc and also what if you decide you want to do it for a living part time or full time? Is there a threshold that you have to start paying taxes on it? What's the deal?

Thanks a ton for any help on this.
Click to expand...


You should check with a tax professional.

But generally the IRS wants ALL income declared.

I assume Pokerstars is sending the IRS tax info if your win is >$5000 - and that is what they mean by a "taxable event".

More info is available from Pokerstars and the IRS.

Good luck !
 
Sergei 9417

Sergei 9417

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  • #3
Hello.
I also heard that PS clients provide information on income, but I will not argue.
 
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freestocks

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  • #4
You don't need to pay taxes until you reach a decent amount per year. casinos had signs a 10,000 dollar win had paperwork. I think it went to 15,000...
 
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