Do you pay taxes for your online Poker winnings?

[anonymouschris]

Not sure what to do here...any advice?

 

[J0hnny]

It depends on how much you won.

 

[Deeko]

You should.

 

[KLin]

Anything that you make or win is income that is taxable. Legally, you should report it. You should also report any losses you have to offset the winnings.

 

[DurocShark]

What are these winnings you speak of?

 

[NogginBoink]

Gambling winnings are taxable income according to the IRS.

Of course "do you" report winnings and "should you" report winnings are two separate questions.

 

[Kev]

So if you have to pay taxes on winnings, can you deduct losses as work expenses?

 

[anonymouschris]

out of curiousity...how would the tracking go? i go from cc or bank account to neteller/firepay back to bank account.

 

[sygyzy]

Of course not. The IRS could care less about your earned income online. It truly is the last American tax loophole. Don't tell anyone...

 

[Chompman]

Originally posted by: sygyzy
Of course not. The IRS could care less about your earned income online. It truly is the last American tax loophole. Don't tell anyone...

That is until they notice your new income and audit your a**

 

[pulse8]

I probably won't claim any. I think I'm still in the red overall.

 

[anonymouschris]

sygyzy, were you being sarcastic or serious? i can't tell.

 

[anonymouschris]

i don't want to say how much i won on the public forums, but how much do i have to win before reporting anything?

 

[anonymouschris]

no more responses?

 

[KnickNut3]

It's $500, IIRC. Lots of slot machines will pay out $499 on big wins so you don't have to pay taxes.

 

[Kev]

Originally posted by: anonymouschris
no more responses?

just pay the taxes, scumbag.

 

[richardycc]

if you dont get a w2g form, why report it?