Internet Real Money Poker |
|
Posted Fri May 13, 2005 8:02 am GMT by john7734
Hi Newby here.
How dose it work for tax purposes in the USA when you play for real Money Online?
Can you play online in any state?
Did you know that participating in a poker forum can help you improve your own game? Be it by sharing experiences or simply asking for help, participation in a forum helps you focus and keep 'on topic' which will help you improve your game. You can learn from other players feedback and from their experiences. Why the THP poker forums? We offer one of the best managed texas holdem poker forums available, and the community within is far more friendly than those typicaly found on other sites. We've made a 'lurkers edition' of the poker forum available here on Holdem Poker Online, but we encourage all visitors to register and join in on the conversations on TexasHoldem-Poker.com
Posted Fri May 13, 2005 2:41 pm GMT by deadmoney28
yeah you can play in any state.. and as far as i know you dont have to pay any taxes on it as long as you dont claim it.. correct me if im wrong
Posted Sun May 15, 2005 11:44 am GMT by SouthernTN
If they allow you to put your state in, then it must be legal in your state. I believe if it was illegal in your state, the site your playing on would forbid you to select your state.
I played for real money a couple of times, don't they require you to enter you SS# and etc for taxes to be taken out when you are withdrawing?
Posted Tue May 17, 2005 2:34 pm GMT by YosemiteMark
First, the caveat. Tax laws are complicated. Do not trust any info you read in an internet forum posting (including this post!). Consult a tax pro for all tax advice.
That being said, in the US you are required to pay taxes on gambling income. Not paying + getting caught can lead to IRS penalties on back taxes, or worse. This site contains lots of useful info to help you get educated about the topic.
The legality of playing poker online is somewhat up-in-the-air, but you should be OK. To my knowledge no one has ever been prosecuted for playing online (as opposed to running a online site, which is definitely illegal inside the US). Read here for more details.
HTH,
Yosemite
|
|
