Posted Fri Mar 26, 2004 10:36 pm GMT by nicthestick
does anyone know the U.S. tax ramifications of winning a large amount of cash online? I am good for the tax year 2003, but have concerns for the tax year 2004. I have won 2 multi tables and finished 2nd in another for a total take of $2900. I don't want Uncle Sam to come knocking at my door in 5 years saying that I owe him 1000 in back taxes. Do I have to claim this as income? What about all the money I lost during the year "gaming"?
Any help is appreciated.
Thx.
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Posted Sat Mar 27, 2004 1:44 am GMT by ORGrinder
yes you have to claim it...
plain and simple...
then again... the man want's you to claim that 30 cents you got in the sale of that old CCR record at that garage sale last month... doesn't mean you're actually going to claim that 30 cents.
Posted Sat Mar 27, 2004 10:25 am GMT by nicthestick
if i dont get a 1099G form, do i still have to claim it?
Posted Sat Mar 27, 2004 12:51 pm GMT by ORGrinder
yes. it'd be...
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misc. income not already reported
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the MAN wants a piece of everything my friend.... everything.
LOL.
Posted Mon Mar 29, 2004 9:42 am GMT by Dave B
You can deduct your gambling losses to the extent of your winnings. So everytime you hit a casino, take out as much cash as possible and keep the receipts (or statements). If the IRS comes knocking, just show $5,000 of withdrawals and claim that they were losses.
Posted Mon Mar 29, 2004 12:58 pm GMT by ORGrinder
LOL....
NICE TIP!!!!!!!!!!!!
thats awesome.
Posted Mon Mar 29, 2004 1:07 pm GMT by nicthestick
Dave.... you are the MAN!!!!!! Thanks.
Posted Wed Mar 31, 2004 3:01 am GMT by JohnnyCache
Do you HAVE to pay taxes on it . . . that depends entirely on wether the casino reports it . . .
Posted Fri Apr 09, 2004 3:03 pm GMT by Avatar
how are the IRS actually going to find out you made $2900 this year gambling?
Posted Fri Apr 09, 2004 3:15 pm GMT by Dave B
For big wins, casinos may issue a 1099M (I think that is the form). If they dont ask for your SSN or have it from online registration, then they cannot report your income to the IRS.
Posted Fri May 21, 2004 3:07 pm GMT by SnakeOiler
My thinking is that since most casinos are hosted off shore, they wouldn't the report earnings it to the IRS, but technically I believe you should claim, or at least the IRS would want you to.
Posted Fri May 21, 2004 3:20 pm GMT by Always_Bored
If you make a living off of it I would report it. If you play in your spare time and make a couple bucks i wouldnt worry about it.
Posted Fri May 21, 2004 3:51 pm GMT by Geno
All gambling is tax-free in the UK. I hope that applies to online poker 
Posted Fri Jun 04, 2004 6:23 am GMT by vwfanatic
You don't have income, either from Online Gambling Winnings or Casino Winnings.
Get USC Title 26 and look in the index for "Income"
It's not listed. Liabilies are listed for every tax, except income.
Read the Privacy Notice in your 1040book. That's a hoot.
www.paynoincometax.com
abraham
Posted Fri Jun 04, 2004 11:46 am GMT by Always_Bored
ive heard that www.paynoincometax.com is a complete scam.
Posted Mon Jun 28, 2004 3:39 pm GMT by jwrussell
This really interests me so I'll tag it. Anyone out there who makes a good amount of money per year playing poker online? What do you do?
Any true professionals out there? How do you handle it?
I'm curious.
Posted Thu Sep 02, 2004 3:02 pm GMT by dublisto
yeah i usually lose about four hundred dollars a year and play until that bankroll is gone. After that i swear to myself that im not going to play online poker ever again. About six to eight months later i start playing online play money chips (because its not like im putting money online, im just playing around). Then about 15 days later i convince myself that its ok and i could put just a little bit of money on......after that little bit of money is gone the i decide that im gonna put more money on.....and then.......read top and repeat cycle
Posted Wed Dec 01, 2004 5:26 pm GMT by aceferret
I'm a grad student and have just started playing online poker. I've won a little over 30K. What do I do about taxes? Will my bank reveal to the IRS that I have had 30K wired in?
Posted Wed Dec 01, 2004 5:31 pm GMT by Fat Tony
if the 30K was all wired to your account in a single transaction, then yes they most likely will file some form of report with the IRS.
Posted Thu Dec 02, 2004 11:39 am GMT by aceferret
i never took out more than 2500 at a time, and i switched banks half way through the year.
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