Taxes for poker winnings

[brokeagain]

you are on;y taxed on what you claim, if you are a winning live cash game player than who is going to prove you are a winner? online leaves the paper trail, so i would just include that total as income, and then deduct the same amount as a loss.

[PShabi]

That seems like the best advice yet. I smell a year of "breaking even!"

[johnbaker]

the IRS only taxes you if you have over $10,000 in winnings, i forget what percentage they tax (probably between 4 and 9 percent)

at B&M you dont really have to worry about this unless u cash more than 10k at once, in which case they'll start doing the tax process right there at the cashier (with forms and stuff)

-jB

[Talking Poker]

This is an entirely false post. I mean, if you chooe to cheat on your taxes, so be it, but don't make it sound like you don't need to PAY taxes on money earned if it's less than $10k, because that's just not true.

[johnbaker]

allright dont get so hostile, I'm just stating whats enforced and what people are likely to encounter if they should cash more than 10k at once. i am in no way enouraging that anyone cheat their taxes.

-jB

[lightfungus]

Tp, if you made something like 2500 this year, would you declare it? A lowly college student as myself?

[Zybomb]

you lost those 5 big $500 buy in tournies this past month so arent you back to even?