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youngblood
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08-18-2005, 07:27 PM
Post subject: Paying Taxes from earnings from poker?
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#1 (permalink)
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Join Date: Mar 2005
Posts: 36
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I was just wondering about paying taxes from your poker earnings.Is this a must even with cash games when you win over $500,or do only tournaments apply to paying the taxes?
I have been winning alot of money here lately from low limit hold em(havent left a table with under $400 in 2 months and i play every 2 days) so what is the best way to go about this or do not worry about it since nobody is keeping track of the earnings from Cash games? Can somone please run this by me and make it clear on what i need to do.
thanks very much if anyone can put this in a clear perspective.
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drmcboy
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DrButtInski
Administrator
Join Date: Aug 2004
Posts: 9,602
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why would CG be different from tourney? Earnings are earnings.
As for what $$ level you should start worrying about paying them, no idea. I think 2+2 has a section on taxes.
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TanO
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Flush
Join Date: Feb 2005
Location: UK
Posts: 315
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Good blog here with info about gambling taxes for u guys in teh states...
http://www.taxabletalk.com/gambling/
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75% of online poker players believe they are better than 75% of the other online poker players
My piece of cyberspace real estate : http://ornatepush.blogspot.com
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kling
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09-02-2005, 07:16 PM
Post subject: Re: Paying Taxes from earnings from poker?
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#4 (permalink)
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Straight
Join Date: Jul 2004
Location: Philly, PA
Posts: 203
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Quote:
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Originally Posted by youngblood
I was just wondering about paying taxes from your poker earnings.Is this a must even with cash games when you win over $500,or do only tournaments apply to paying the taxes?
I have been winning alot of money here lately from low limit hold em(havent left a table with under $400 in 2 months and i play every 2 days) so what is the best way to go about this or do not worry about it since nobody is keeping track of the earnings from Cash games? Can somone please run this by me and make it clear on what i need to do.
thanks very much if anyone can put this in a clear perspective.
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How old are you?
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aka wildwest15
They all know me as a small timer, but that's about to change.
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youngblood
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Join Date: Mar 2005
Posts: 36
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i am 21
thanks for the website tano,exactly what i needed to know.and a very intresting site at that.blah the IRS are jerks.
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kling
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Straight
Join Date: Jul 2004
Location: Philly, PA
Posts: 203
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Quote:
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Originally Posted by youngblood
i am 21
thanks for the website tano,exactly what i needed to know.and a very intresting site at that.blah the IRS are jerks.
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Are you in school? If so, and your parents claim you as a dependant, then you don't have to pay anything.
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aka wildwest15
They all know me as a small timer, but that's about to change.
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BoondockSaint
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4-of-a-Kind
Join Date: Mar 2004
Location: Indiana
Posts: 1,844
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Quote:
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Originally Posted by kling
Quote:
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Originally Posted by youngblood
i am 21
thanks for the website tano,exactly what i needed to know.and a very intresting site at that.blah the IRS are jerks.
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Are you in school? If so, and your parents claim you as a dependant, then you don't have to pay anything. |
just because they claim you as a dependant doesnt mean u dont have to pay anything - yeah it might like cover you up a little from the IRS since they think your parents are still covering all your expenses but they can still bust u
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youngblood
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Join Date: Mar 2005
Posts: 36
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I am not in school,maybe i should think about joining up lol
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Quote:
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Originally Posted by BoondockSaint
Quote:
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Originally Posted by kling
Quote:
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Originally Posted by youngblood
i am 21
thanks for the website tano,exactly what i needed to know.and a very intresting site at that.blah the IRS are jerks.
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Are you in school? If so, and your parents claim you as a dependant, then you don't have to pay anything. |
just because they claim you as a dependant doesnt mean u dont have to pay anything - yeah it might like cover you up a little from the IRS since they think your parents are still covering all your expenses but they can still bust u |
No... if you're a dependant then your parents have to pay the taxes, right? :)
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