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Marcel
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06-27-2006, 01:00 AM
Post subject: Taxes on poker winnings
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#1 (permalink)
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Join Date: Jan 2006
Posts: 12
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I wasn't sure where to post this question so i hope i guessed right 
Not that i have a lot, but would really like to know how taxes on poker winnings is done.
Any accountants or experience poker players in here like to share some light on someone without a clue. Enlighten us on both the legal and illegal practice.
Thanks in advance
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jyms
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Tilting Mod
Join Date: Feb 2006
Posts: 4,836
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you'll need more details, State, province, country, amounts. It all matters, The laws are different everywhere.
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Marcel
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06-27-2006, 01:56 AM
Post subject: los angeles, CA
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#3 (permalink)
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Join Date: Jan 2006
Posts: 12
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you're right. In los angeles county how would you handle poker/gambling winnings on cash games and in tournaments? can you deduct losses to your winnings, because this number could be outragous and there is no proof.
Btw, i'm referring to a brick and mortar casino. The casino will give you a form to fill out for taxes after winning a tournament and i'm wondering if all the winnings in cash games are untracked? because if that's the case, it's probably better to focus more on my cash game skills over my tournament play.
Let's say the amount is as small as 500 to 1mil. just curious on how the pros handle there taxes.
thanks again
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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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In the UK, poker winnings are untaxed.
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jyms
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Tilting Mod
Join Date: Feb 2006
Posts: 4,836
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In canada the same, I'm not sure about if it's a primary income though.
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bode
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Straight Flush
Join Date: May 2006
Location: slow motion
Posts: 4,270
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there is a good resource for gambling taxes on the front page of www.pocketfives.com . In summary, in the US, on your main tax form there is a space for gambling earnings. here you can just fill in the # of your winnings, but cannot deduct the loses, expenses, etc. There is a separate form (not sure which one), where you can itemize your gambling losses, i.e. buyins and rake, if you are an amateur, but you need supporting documentation such as a spreadsheet to back up your claims. Of course you only need to provide this spreadsheet if you are audited by the IRS. I am not sure whether or not you can provide a printout from PT or not. Also, if you file as a professional, there is a much more involved process. Filing as a professional you can also write off all business related expenses such as gas, airfare, and hotel rooms.
For a very in depth summary of this that has been written by lawyers, check out the info at PocketFives.
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Quote:
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eeevees are not monies yet...they are like baby monies.
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jyms
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Tilting Mod
Join Date: Feb 2006
Posts: 4,836
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Move to Canada.
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Marcel
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06-27-2006, 02:40 PM
Post subject: thank you
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#8 (permalink)
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Join Date: Jan 2006
Posts: 12
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Very informative......thank you.
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flomo
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Full House
Join Date: Mar 2006
Location: mashing potatoes
Posts: 878
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Quote:
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Originally Posted by Trainer_jyms
Move to Canada.
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so where exactly is Jackson's Point in Ontario? 
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Quote:
Originally Posted by bigred
Protect dog
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Greedo017
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Full House
Join Date: Jan 2005
Location: wearing the honors of honor and whatnot
Posts: 1,461
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as far as you're concerned if you wanna report it just put it in the other income box on the 1040.
if you don't keep a spreadsheet and stuff, poker sites have detailed lists of your transactions. one time i was going through trying to track all the bonuses i'd gotten over time, and couldn't find something about one at pokerstars like 6 months ago, so i emailed them. they emailed me with every time i put money on or took it off a table, every deposit, every bonus, every withdrawl, for the last 6 months.
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i betcha that i got something you ain't got, that's called courage, it don't come from no liquor bottle, it ain't scotch
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jyms
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Tilting Mod
Join Date: Feb 2006
Posts: 4,836
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Quote:
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so where exactly is Jackson's Point in Ontario?
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05-26-2012, 03:08 PM Australia Legalized Online Poker coming up in next 6 to 12 Months
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