Taxes

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Matt98568 United States. Sep 09 2007 18:44. Posts 2391

So I cashed out for 800 yesterday to get a laptop, I got a 15.4 " hp which is really nice. It's pretty fast and has more memory then I will ever need.

Poker has been going good I won about 1400 last week including two tourney wins.

ti<x>tle pretty much explains the situation... basically I should probably start paying taxes now that I am just playin poker for money. I really have not made to much playing poker compared to others but I had a few under the table jobs so I figured eventually this shit will catch up with me so I should try and get stuff caught up.

I found a old thread on lp where a pocketfives article was listed and I read I really should just get an accountant. I have not made that much so I don't know if its that neccesary if someone could help me out with how to go about claiming the gambling winnings. Pretty much if people could share how they go about keeping track of their wins and losses that would be appreciated.

In the pocket fives article it talks about it alittle bit but just wondering what others did.

Is just getting an accountant the best way to go about this or do any of you guys do the taxes yourselves?

0 votes

Last edit: 09/09/2007 18:45

alphablend United States. Sep 09 2007 19:21. Posts 2424

I am curious as to how much you have to make in a calender year before you are supposed to pay them? I mean they cant expect people to pay taxes on a $500 or $5000 but where is the line drawn?

Matt98568 United States. Sep 09 2007 19:28. Posts 2391

I know at casinos if you make so much the casino will actually make a record of it not sure what that amount is though. For online gambling are winnings taxed based on what you win or just what you cash out?

alphablend United States. Sep 09 2007 19:31. Posts 2424

I really have no idea and I have been wondering these things myself? btw how much can you make in a casino before they tax you?

Matt98568 United States. Sep 09 2007 19:33. Posts 2391

Not really sure I thought it was around 1200 but that could be wrong, and depend state to state

Stupid taxes

nolan Ireland. Sep 09 2007 19:34. Posts 6205

the textbook definition is that you will owe taxes on anything gained via online poker. however the US govt has no way of tracking such things so technically you will only need to pay what you cash out.

minimum varies from casino to casino but is generally in the 1-10k range.

On September 08 2008 10:07 Baal wrote: my head is a gyroscope, your argument is invalid