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Zystro
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05-30-2006, 07:24 PM
Post subject: Cashing Out From Pokerstars
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#1 (permalink)
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Join Date: Oct 2005
Posts: 2
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Greetings,
I recently finished 4th in the rebuy at stars for a pretty nice chunk of change and was looking to cash some of it out for my vacation and what not. I was wondering what the limitations are for cashing out before the money is to be taxed or if there is a limit on how much you can cash out each week/ month. Any help would be greatly appreciated.
Thanks,
Zystro
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biondino
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4-of-a-Kind
Join Date: Apr 2005
Location: Putney, UK; Full Tilt,Mansion; $50 NL and PL; $13 and $16 SNGs at Stars
Posts: 3,170
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This is just a question and not a recommendation or anything, but what's to stop you transferring the winnings to a trusted friend outside the US and them sending you cash? Is this what they call money laundering?
(I assume you're talking several thousand dollars here if you're worrying about tax?)
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Scrimmage
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Straight
Join Date: May 2006
Location: Saskatoon, Canada
Posts: 127
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Americans pay tax on winnings from gambling? WTF?
I hope it isn't that way here in Canada, never thought about it.
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badandy519
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Straight
Join Date: Aug 2005
Location: mckinney, tx
Posts: 223
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Quote:
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Originally Posted by Scrimmage
Americans pay tax on winnings from gambling? WTF?
I hope it isn't that way here in Canada, never thought about it.
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only when we have to 
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Warpe
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Moderator
Join Date: Sep 2005
Location: Canuckistan
Posts: 3,905
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Quote:
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Originally Posted by Scrimmage
Americans pay tax on winnings from gambling? WTF?
I hope it isn't that way here in Canada, never thought about it.
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Non-taxable in Canada if won through recreational gambling. Don't worry about it.
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jyms
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Tilting Mod
Join Date: Feb 2006
Posts: 4,836
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No tax in canada on any gambling as a non primary income. We got it good eh warpe!
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