Taxes for poker winnings

johnbaker · #1 10-25-04, 07:02 PM

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 · #2 10-26-04, 08:48 PM

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 · #3 10-26-04, 10:47 PM

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 · #4 12-11-05, 04:56 AM

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

Zybomb · #5 12-11-05, 04:58 AM

you lost those 5 big $500 buy in tournies this past month

so arent you back to even?

Talking Poker · #6 12-11-05, 05:02 AM

This really should be a new thread. This one is over a year old!

Don't take this wrong, but I don't want to give tax advice. And I definitely don't want to suggest that anyone cheat on their taxes.

Akverno · #7 12-11-05, 07:56 AM

If anyone would like tax advice, pm me. I spent a while working in an accounting firm, and I've done many a tax return. As for gambling taxes it's an interesting loophole depending on how much you've earned and what state you reside in.