Posted Fri Jun 22, 2007 11:08 am GMT by kingetje
the government here has a monopoly on the spreading of all gambling including poker.... you are a felon if you play for money anywhere but the casino... and "holland casino" is a governmental institution... there are no other casino's allowed
on top of that they have a very measly offer in games... €10 SnGs.. €2-2 NL, €5-5 NL, 2-4 FL and €5-10 FL is all they offer here
and now for the cherry on top, they want to monopolize online gambling AND THEY WANT PEOPLE TO PAY TAXES OF 40,85% ON THEIR ONLINE GAMBLING MONEY!
are you kidding? how can anyone be a winning player when they have to cough up 40% of everything they cash out?
the state also classifies poker as a "game of chance" which the taxes will be slapped on. on one hand hey say online gambling is illegal, but they have no way of stopping it so now they're just trying to find a way to get some coin out of it...
the details have yet to be worked out and the bill will need some tuning and approving and such.. but things are looking ugly
i know you guys got it bad with bush and the neteller business and stuff.. but now they're trying to run it down here as well heavily..... this fukcin sucks
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Posted Fri Jun 22, 2007 11:42 am GMT by TheSalche
Well now you have to decide, do you want to gamble illegally in holland or smoke pot illegally afterwards?
Posted Fri Jun 22, 2007 11:43 am GMT by Ensano
hmm... so you can still play but you have to pay the taxes only on what you "cash out"?
Posted Fri Jun 22, 2007 11:56 am GMT by kingetje
haha salche: tough decision 
ensano: the article says "pay 40,85% taxes on all winnings"
and i have no idea on how they expect to determine wether certain moneys are profits or original depostits that have been withdrawn... so its all very very sketchy
note that all of this is done in the name of "fighting addiction".... even though only winning players will be affected by this.. and the dumb addicted degenrates who lose wont have to pay taxes cause hey, they dont win anything... do you see how ugly this is?
Posted Fri Jun 22, 2007 12:42 pm GMT by khaosanroad
Should be easy to figure out. If you deposit 500 and cashout 800 you made 300 profit.
Posted Fri Jun 22, 2007 12:50 pm GMT by kingetje
what if you deposit 500, rack it up to 1300, and withdraw 800? to the IRS it looks the same as your example, but its very different
Posted Fri Jun 22, 2007 1:07 pm GMT by supafrey
The calculations are noooowhere near that simple, and often end up screwing over people...
Take for example...
You have a 50k roll... you rack it up to 100k by december lets say you are supposed to pay taxes by April... You withdraw 50k to the bank account, then proceed to go on a downswing the next year before you mail out your cheque. Suddenly you owe a huuuge chunk of your back-profits and effectively have no roll left. They calculate year to year to year, but ignore your losses (which you cant attribute to previous year winnings)...
Some of my poker buddies got screwed on and off..
Taxing poker winnings is just gross and Im happy canada doesnt require it
Posted Fri Jun 22, 2007 4:45 pm GMT by khaosanroad
| kingetje wrote: | | what if you deposit 500, rack it up to 1300, and withdraw 800? to the IRS it looks the same as your example, but its very different |
Not really. You put in 500 and took out 800 so it looks like you made 300 profit and got taxed on that 300. Next month you run it up to 1300 again, and cashout another 800. This time you taxed on the whole 800 or if you cashout 1300 you get taxed on the whole 1300 since you didn't make any new deposits.
Supafrey, the answer to your scenario is that the poker site will deduct the tax from your cashout so that your tax is paid.
Posted Sat Jun 23, 2007 4:57 am GMT by supafrey
quote="khaosanroad
Supafrey, the answer to your scenario is that the poker site will deduct the tax from your cashout so that your tax is paid./quote
Um, no, no it will not.
Posted Sat Jun 23, 2007 6:19 am GMT by Jernej Zorec
well u have to at least ask them how are u suppose to determine how much u won and what happens if u loose
her its not requred to pay taxes from online winnings
and even if u play live its the host that has to pay the tax in these cases ( speciall forms of gambling)
Posted Sat Jun 23, 2007 1:39 pm GMT by Sean_in_NJ
In the US, you're responsible for tracking and reporting the correct amount of gambling income each year. Only in certain circumstances, when the amount won is a large multiple of the amount wagered, will the casino withhold tax.
And it may not even be all of the tax. Federal withholding on gambling winnings is 25%, but you still need to report it as income on your return which will affect your tax bracket too. Add state taxes on top of it, and it probably approaches that 40% number.
The other thing that throws a monkey wrench in the works is writing off losses against winnings. A lot of people calculate the difference and only declare their winnings as the net total. What you're supposed to do is declare your gambling winnings as part of your income, and then declare your losses as part of your deductions. The bad part is when your standard deduction is actually larger than the sum of your itemized deductions, and then you can't write the losses off at all.
Information from the IRS, for those that like reading government documents.
Posted Sat Jun 23, 2007 2:21 pm GMT by khaosanroad
| supafrey wrote: | quote="khaosanroad
Supafrey, the answer to your scenario is that the poker site will deduct the tax from your cashout so that your tax is paid. |
Um, no, no it will not./quote
There is legislation proposed that would suggest that it might be done this way.
Posted Sat Jun 23, 2007 2:32 pm GMT by supafrey
Right now it is not.
Posted Sun Jun 24, 2007 11:41 pm GMT by jeffonline
If tax is payable on profit then losses and the cost to make that profit should be tax deductible. In Australia unless you are a professional gambler then this type of income is classed as windfall and not taxable, If it were taxable say for a professional gambler, we have a self assessment procedure where you declare any profits and or loss in your tax return and the government would tax according to a scale of taxable income. If you did not declare the income and were investigated by the tax department, any cheating is met with a fine of 100% of the tax payable plus the tax and interest. The government have very good data matching capabilities via the banking sector that will pickup banking transaction etc, these are matched with your income tax declarations. Anything suspicious will be investigated.
Posted Mon Jun 25, 2007 12:25 am GMT by Ensano
if you think of poker kind of as a business where you're the employee...
at your job if your boss gets you to design some software and it fails the company loses money...
if the software does good the company makes money and has to pay taxes...
if a company nets a loss for the year it doesn't get tax money back...
so when the company nets a loss nothing happens but when they are successful and make money they pay taxes...
sounds the same as taxing poker profits to me
Posted Tue Jul 03, 2007 9:59 am GMT by oneeyedjack
F*Cking Tax Nazis.
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