Poker Forum

Over 1,247,000 Posts!

REGISTER
Subscribe to FTR web feed
Already Registered?      Username:    Password:   Remember      Forgot Password

Poker Forum

  > 

Full Ring NL Hold'em

  > 

Anyone know about cashing out and taxes?

  
 
LinkBack Thread Tools Display Modes
Shadowskills
Old 08-30-2005, 02:25 PM     Post subject: Anyone know about cashing out and taxes? #1 (permalink)  
Shadowskills's Avatar

Join Date: Sep 2004
Posts: 62
Shadowskills
Let's say I cashed out 10,000. What's are tax considerations
Reply With Quote

Play for FREE and practice your game at...

Join the FTR Poker Forum to disable these banners and start posting!
Rondavu
Old 08-30-2005, 02:30 PM #2 (permalink)  
Rondavu's Avatar
4-of-a-Kind

Join Date: Jan 2005
Posts: 3,053
Rondavu
What $10,000?
It's not what's inside that counts. Have you seen what's inside?
Internal organs. And they're getting uglier by the minute.
 
Reply With Quote
DimitriT
Old 08-30-2005, 02:59 PM #3 (permalink)  
DimitriT's Avatar
Full House

Join Date: May 2005
Posts: 614
DimitriT
these are gambling winnings
there's a line on your 1040A for them
if this is your primary source of income
you may qualify as a professional gambler
which will allow you to deduct alot of your
expenses: including rent on your space,
computers, internet access, etc.

i hope to have this problem some day
Reply With Quote
ollie_c
Old 08-30-2005, 04:06 PM #4 (permalink)  

Join Date: Aug 2005
Location: San Diego
Posts: 12
ollie_c
Send a message via AIM to ollie_c
Do you have to report all winnings, or just > a certain amount?

Is there an easy way that you keep track of this?

And what's the tax work out to, if I wanted to pay it?
Reply With Quote
DimitriT
Old 08-30-2005, 04:34 PM #5 (permalink)  
DimitriT's Avatar
Full House

Join Date: May 2005
Posts: 614
DimitriT
An easy way to calculate this is

net withdraw - gross deposit = winnings

Don't forget to add all your "gross deposits" including buying
chips at a casino, lottery tickets, etc.

All your winning are taxable. There is no minimum that I'm
aware of. It gets taxed as earned income at your standard rate.

I don't believe netteller or firepay (or however you fund or withdraw)
currently report transactions to the IRS. They may be required to
report transaction greater than $10K but I have no solid information
on this (maybe you can find out and tell us).

Just found this on www.pokernews.com FAQ for online poker:

Q: Do I have to declare online poker winnings on my taxes?
A: The safest way in life is to declare all income on your income taxes, and may we recommend this. Any money that hits your bank account should be declared in full. If you begin to play seriously, you should keep detailed, and really specific records of your play, session by session. These records will allow you to file a proper tax return. For Americans, the IRS has a guide for this, guide 529, available at the IRS.gov website.
Reply With Quote
Shadowskills
Old 08-30-2005, 06:49 PM #6 (permalink)  
Shadowskills's Avatar

Join Date: Sep 2004
Posts: 62
Shadowskills
What if I just cash out $1000 at a time? Can I avoid paying taxes?
Reply With Quote
DimitriT
Old 08-30-2005, 07:22 PM #7 (permalink)  
DimitriT's Avatar
Full House

Join Date: May 2005
Posts: 614
DimitriT
Quote:
Originally Posted by Shadowskills
What if I just cash out $1000 at a time? Can I avoid paying taxes?
Don't know. Let us know how it works out. Do they have internet access at the Federal Pens?
Reply With Quote
SmackinYaUp
Old 08-31-2005, 12:37 PM #8 (permalink)  
SmackinYaUp's Avatar
4-of-a-Kind

Join Date: Dec 2004
Location: B N L
Posts: 1,725
SmackinYaUp
Well it depends if he's temporarily assigned to a white collar resort facility or a federal pound me in the ass prison.
He who drinks beer sleeps well.
He who sleeps well cannot sin.
He who does not sin goes to Heaven.
 
Reply With Quote
SinkRox
Old 09-05-2005, 08:01 PM #9 (permalink)  
SinkRox's Avatar
Full House

Join Date: Mar 2005
Location: Brighton, UK
Posts: 624
SinkRox
Send a message via MSN to SinkRox
if you can demonstrate someone has stacked you [for a tourny for deffinate at least] then they cannot tax it. ...enjoy staking eachother
Experimenting - 200NL 5max.

"They say that dreams are real only as long as they last. Couldn't you say the same thing about life?" Waking life
 
Reply With Quote
daluchy
Old 09-21-2005, 10:01 PM #10 (permalink)  
daluchy's Avatar
Full House

Join Date: May 2005
Posts: 691
daluchy
This is the newest topic I've seen on this so I'm putting this here, hehe.

For players over 21 and with jobs that make more than their poker winnings, I see how declaring your poker winnings on your tax report is neccessary.

But how does it work for a 19 year old in college with only a work-study job on campus? I'm up around $500 currently and have the net profit in Neteller or in some Poker Account. With all of that said, is my status and my winnings even worth having to think about taxes?
pulling a courtiebee pŏŏl-ĭng ā kôrt-ē-bē (verb phrase):
1. overvaluing mid pocket pairs
2. knowing you should fold, but donkishly calling or raising anyway
 
Reply With Quote
Crotalusatrox
Old 09-21-2005, 10:19 PM #11 (permalink)  

Join Date: Sep 2005
Posts: 31
Crotalusatrox
Personally I am curious if I can avoid some of the taxes by not cashing out until I have enough to be considered a professional? I would assume that anything you cash out would be taxable, but how does the IRS view the money when it is just bits in your online account?
Reply With Quote
lolzzz_321
Old 09-21-2005, 10:20 PM #12 (permalink)  
lolzzz_321's Avatar
NO YOU

Join Date: Oct 2004
Location: My ice is polarized
Posts: 2,797
lolzzz_321 is a jewel in the roughlolzzz_321 is a jewel in the roughlolzzz_321 is a jewel in the roughlolzzz_321 is a jewel in the rough
Send a message via AIM to lolzzz_321
Quote:
Originally Posted by SmackinYaUp
Well it depends if he's temporarily assigned to a white collar resort facility or a federal pound me in the ass prison.
I like this movie.
Reply With Quote
Reply
Latest Poker News
dlbarlowe Old 06-01-2012, 11:03 AM    White House Responds to Poker Players Alliance's Petition
After receiving a petition scripted by the Poker Players Alliance approximately eight months ago, the Obama administration recently issued a response prepared by Brian Deese, the Deputy Director of th ...

« Previous Thread | Next Thread »
Thread Tools
Display Modes
Linear Mode Linear Mode

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


All times are GMT. The time now is 06:55 PM.

Contact Us - Archive - Top

FTR Testimonials

All content
© FlopTurnRiver.com 		Advertising  |   Partners  |   Testimonials  |   T&C  |   Contact Us  |   FTR News & Press  |   Site Map  |   Search FTR

Full Tilt  |   Titan Poker  |   UltimateBet  |   Poker Stars  |   Ladbrokes Bonus  |   Sportsbook  |   Cake Poker  

Play Texas Holdem Online, Online Texas Holdem Strategy, & Poker Forum
This is not a gambling website.