Ok, I am going to start off and say that; I work for the federal government and I am a little upset about this. If you win more than $5,000 you have to claim it to the IRS. What is up with that.
I am just trying to figure out what is going on with this country where the government just "has to" have their d@mn hands in everything. Maybe I am being a little irrational but this is just ridicoulous. If you win it, playing poker or any gambling game for that matter you shouldn't have to claim sh!t!!!!.
But I guess that's what I fight for: The land of the free, right???
2007-10-19 06:41:59 · 10 answers · asked by DLB 4 in Business & Finance ➔ Taxes ➔ United States
You always have to claim your winnings whether you won $1 dollar or a $1,000,000 so technically the effect on us is none.
The new rule is a reporting requirement for the tournament.
2007-10-19 06:58:08 · answer #1 · answered by Wayne Z 7 · 2⤊ 0⤋
I think the government has abused its power since FDR. Taxes are too high... Everything is taxed. You make money, you are taxed... You save money, you are taxed... You spend money, you are taxed... You own property, you are taxed.
Legally, you are supposed to declare gambling winnings... This is just the way the IRS is making sure the law is enforced. I don't like it any more than you do... But if I am getting taxed by working to put food on the table for my family. Why shouldn't poker winnings be taxed?
2007-10-19 09:49:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not sure where you got that $5000 number. Legally if you win even $1 you have to claim it, although I'd guess hardly anyone does. And the limit where the casino has to give you a 1099 and report the winnings to the IRS is far below that - something like $600.
2007-10-19 07:08:57 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
The 1099 from a casino is $1200 I think. You can deduct your gambling losses up to the amount of your winnings, if you itemize. So It might not be that much of a hit if you have "losses"
2007-10-19 07:41:48 · answer #4 · answered by Anonymous · 1⤊ 1⤋
A retired with 35 years service government employee says: "You need to polish off your ethics." As a government employee you are held to a higher standard than other people. If you win anything playing poker, slots, craps or roulette, it is taxable income and deduct your losses.
2007-10-19 08:48:30 · answer #5 · answered by Anonymous · 1⤊ 1⤋
My understanding was that you always had to claim gambling winnings over $1,000. That coupled with the fact that a lot of people play poker as a profession, means it should be taxed.
2007-10-19 06:47:31 · answer #6 · answered by mplsundin 4 · 0⤊ 2⤋
Why should I be taxed on what I earn from work and you pay nothing on your gambling? If anything, it should be the other way round.
It is the land of the free, not the land of free gambling.
2007-10-19 06:53:54 · answer #7 · answered by Anonymous · 0⤊ 1⤋
You are required to report any and all winnings, regardless of amount. However, it is safe to assume that some people who win around the kitchen table might "forget" to report it.
2007-10-19 06:55:20 · answer #8 · answered by r_kav 4 · 2⤊ 0⤋
It's income, the same way that I have to declare as income whenever I sell a car or house.
2007-10-19 06:50:22 · answer #9 · answered by Anonymous · 2⤊ 0⤋
How else do you think they are paying for the war.
2007-10-19 06:51:30 · answer #10 · answered by Brenda 4 · 0⤊ 2⤋