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LewsTherin7
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08-20-2006, 11:43 PM
Post subject: The Two Certainties: Death and Taxes
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#1 (permalink)
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Join Date: Aug 2006
Posts: 46
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I'm tracking on the first one. Its a taxable event.
The second one however I'm little vauge on being new to poker. Do the poker sites report your winnings to the IRS? Do they mail you the gambling tax form (W2-G) I think at the end of the year?
Oh and I am refering to American Taxes.
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DaNutsInYoEye
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4-of-a-Kind
Join Date: Apr 2004
Location: St. Louis
Posts: 1,921
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http://www.pocketfives.com/DD6E4B33-...BE6A8AF8C.aspx
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TheXianti: (Triptanes) why are you not a thinking person?
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mcatdog
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4-of-a-Kind
Join Date: Oct 2005
Location: St. Louis
Posts: 3,654
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Poker sites don't do anything for you regarding taxes. You have to take care of everything yourself. If you're not making much money, the IRS will probably never find out about it. The more money you're transferring from poker sites into your bank account, the greater the chance of them finding out.
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JL
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Full House
Join Date: Jan 2006
Posts: 1,095
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Just move to Canada and you wont have to worry about that. 
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bigred
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PROFESSIONAL TROLL
Join Date: Sep 2004
Location: Nest of Douchebags
Posts: 2,184
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Quote:
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Originally Posted by DaNutsInYoEye
http://www.pocketfives.com/DD6E4B33-181C-4E60-80FA-433BE6A8AF8C.aspx
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Good link. I'm currently playing 200/400 on the play money tables at party. How do I report this?
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LOL OPERATIONS
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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 JL
Just move to Canada and you wont have to worry about that. |
...unless you do it for a living
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JL
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Full House
Join Date: Jan 2006
Posts: 1,095
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Quote:
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Originally Posted by Warpe
Quote:
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Originally Posted by JL
Just move to Canada and you wont have to worry about that. |
...unless you do it for a living |
You pay taxes on your poker winnings? and you live in Canada?
I thought gambling was not taxed in Canada...
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bigred
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PROFESSIONAL TROLL
Join Date: Sep 2004
Location: Nest of Douchebags
Posts: 2,184
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Unless you do it for a LIVING
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LOL OPERATIONS
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bantam222
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Straight
Join Date: Dec 2005
Posts: 208
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Is there a max amount you can win without having to report it? or do I have to report my $10 SNG win if thats all the poker I played this year?
Also, do you have to pay taxes on your winnings if you don't withdrawl them from the poker site? You only pay on the money that you withdrew to your bank acount right?
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Rondavu
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4-of-a-Kind
Join Date: Jan 2005
Posts: 3,053
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Quote:
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Originally Posted by bigred
I'm currently playing 200/400 on the play money tables at party. How do I report this?
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How did you report your winnings from the shoots and ladders tournament?
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It's not what's inside that counts. Have you seen what's inside?
Internal organs. And they're getting uglier by the minute.
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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 bigred
I'm currently playing 200/400 on the play money tables at party. How do I report this?
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Fill out your tax return with a Crayola, obv. 
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LewsTherin7
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Join Date: Aug 2006
Posts: 46
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Topic hijacked
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DaNutsInYoEye
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4-of-a-Kind
Join Date: Apr 2004
Location: St. Louis
Posts: 1,921
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Quote:
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Originally Posted by bantam222
Is there a max amount you can win without having to report it? or do I have to report my $10 SNG win if thats all the poker I played this year?
Also, do you have to pay taxes on your winnings if you don't withdrawl them from the poker site? You only pay on the money that you withdrew to your bank acount right?
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Read the link.
Quote:
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You have to report what you made, not what you withdrew. You have to analyze your wins and losses as separate components. This sounds harsh but if you make money and don’t report it, you are committing fraud in the eyes of the IRS. It would be the same principal as if you made money and you wanted to not report it because you haven’t spent it yet!
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TheXianti: (Triptanes) why are you not a thinking person?
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LewsTherin7
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Join Date: Aug 2006
Posts: 46
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Quote:
Posted: Mon, 21 Aug 2006, 1:35pm
--------------------------------------------------------------------------------
Is there a max amount you can win without having to report it? or do I have to report my $10 SNG win if thats all the poker I played this year?
Also, do you have to pay taxes on your winnings if you don't withdrawl them from the poker site? You only pay on the money that you withdrew to your bank acount right?
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From the link that is in the second post you have report any income you make from poker. In my case of the original $50 I deposited, I lost $44 in the first couple of days. Since then I have gotten it back up to $55. All that money getting back to the orignal deposit is a profit so I have to claim $49 in profits if don't play again at all this year even though I have only netted $5.
If I am able to itimize and fill out Schedule A I can claim $44 in losses.
All in all pretty unfair not being able to just claim net earnings.
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mcatdog
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4-of-a-Kind
Join Date: Oct 2005
Location: St. Louis
Posts: 3,654
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No, you only have to pay taxes on your profit. You'd report gambling losses of $44 and gambling winnings of $49 and pay taxes on the difference. However, if you're a net loser, you don't get to claim a deduction for money you lost gambling. At least, that's how I understand it.
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