Do you have to report your earnings from playing poker online to the IRS on your taxes?
If so, is there a designated amount that doesn't need to be reported - and everything above that does?
If it matters by state - I am curious about California.
Also, the way the monies are received from the poker site are via check.
2007-08-25 09:39:09 · 4 answers · asked by Jessica G 1 in Games & Recreation ➔ Gambling
Please note, I am only asking about ONLINE poker wins. The payments have been received via a check from a third party.
2007-08-27 07:23:44 · update #1
The IRS says you have to. Just because somebody hasn't gotten caught doesn't mean it's not required.
In reality, if you're talking a small amount, they won't even bother trying to tack you down. If it's in the tens of thousands, that's a different story.
If you take tax advice from anonymous people on Yahoo, you're on your own!
2007-08-25 11:07:23 · answer #1 · answered by John F 6 · 0⤊ 0⤋
Yes you should report any income that you make from playing poker to the I.R.S. This income is taxed as regular earned income, so the united states government gets about 30% of it. Now if we are talking about small amounts of money, then i don't think it's such a big deal, but if you win a large amount all casinos will not give you your money until you fill out your tax forms on it. If the I.R.S finds out you have made a lot of your income from playing poker and you don't report it, then you could be in for a world of hurt for sure. You can also claim losses on your taxes from poker losses as well.
2007-08-26 20:35:15 · answer #2 · answered by sincity usa 7 · 0⤊ 0⤋
The federal government says yes: http://www.irs.gov/taxtopics/tc419.html
2007-08-26 14:01:50 · answer #3 · answered by man_drone 3 · 0⤊ 0⤋
well in Illinois, no...i use to win money on pokerstars i never reported it and i never got in trouble.
2007-08-25 09:44:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋