taxes

[corey333bd]

If someone made close to 20,000$ in profit in 1 year from online poker that they cashed out over about 40 checks and they don't report it to the IRS does this person have a real shot at being busted?

[nb1961]

Best bet would be to spend some of the $20,000 on an accountant. Then you know it's straight, or move to the UK where you don't pay tax on gambling winnings

[illphillllllll]

not sure exactly but at a casino they only tax a tournament win that exceeds a certain limit, if you make the same amount playing ring they do not tax you. if you are making a steady profit and withdrawing money i would assume that the taxman will want his cut, IRS form 1099C is for miscellaneous gambling winnings i believe.

[rgchan]

So glad I live in Canada and don,t have to worry about that.Then again I am nowhere close to winning $20k. lol But last time i was in Vegas I had a friend hit 1k on a slot machine and the Casino was right there to Tax the winning !!
Rg

[Terminal Frost]

It's not that winnings under a certain amount are not taxed, just that the IRS doesn't require the casino to do the paperwork if it's under a certain amount.

By law, you are still required to report all gambling winnings and may deduct gambling losses up to the amount of your winnings.

[pirates831]

i've never been one to keep good records of wins/losses so i've never paid taxes on them. i view it as fun.

i have to admit i never really understood the whole claiming losses vs. winnings bullshit either. it seems like i could lose $2,000 per year for 5 years, then win $10K one year and I would never have been able to claim the losses but I'd have to pay taxes on the winnings. so screw the IRS unless I hit it big in the WSOP or something.

but my $1k withdrawal from bodog will be all mine and not taxed.

[FATAL V3N0M]

As a United States resident, I was told you can stay under the radar of the IRS if you deposit into your bank account no more than $9999.99 unaccounted money from any source be it poker, or just money the IRS has no business knowing about. Once your unaccounted money totals $10,000.00 for a fiscal year, whether you cashed your checks at Wal-Mart or deposited them into your bank account, the taxmen will be knocking. It's all linked to your Social Security Number and computerized. I haven't had $9999.99 unaccounted money to see yet, but it sounds legit. For those of you Hi-Rollers, I don't know what to tell you, maybe you can make this loophole work for you. Good Luck.

[Peteyweestro]

I am not real sure about casinos or online poker but i do know that for example at the horse races for every $1 bet you can cash a winning ticket thats under $500 ( it may be $599 ) and you do not have to claim it. If it happens to be more then that then the irs will take a cut before the teller gives it to you and again at the end of the year you must again claim it!

[TeeKae]

In the US all gambling winnings are subject to tax.
1099G forms are issued only for prizes above $599 and gambling wins above $1199.

If you win $50, you are required to self report the win.
One of the concerns of some poker players of the legislation in the US that would overturn the UIGEA is that all winnings may get reported directly to the taxman (IRS).

[Terminal Frost]

I am not real sure about casinos or online poker but i do know that for example at the horse races for every $1 bet you can cash a winning ticket thats under $500 ( it may be $599 ) and you do not have to claim it. If it happens to be more then that then the irs will take a cut before the teller gives it to you and again at the end of the year you must again claim it!

??? You must report it, but you also report the taxes w/h so it's not like you are taxed twice. But you can also deduct your gambling losses up to the amount you won.