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Thread: Paying Taxes?

  1. 05-02-2011 #1
    tama_198
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    Default Paying Taxes?

    I've been playing poker for about 2 years now off and on and I just heard that online poker winnings is considered taxable in the U.S. I guess my questions about this are: 1. How does the government (IRS) know about my online poker accounts? 2. IS is MANDATORY to pay taxes on online poker winnings? 3. Will the IRS ever find out about my online accounts? 4. How many players actually report their earnings/losses to the IRS (professional/amateurs)? 5. If audited, how can you prove truth to what you reported? 6. What are the standard consequences to an audit? 7. Should I report my earnings to the IRS or not?


    I do apologize for the lengthy question but this has been on my mind a lot now considering all that has happened with tilt/stars/absolute. I've been thinking about switching my business to another site and am concerned about how to go about playing poker "legally" and avoiding ANY trouble with the government. I'm sure many people do not report anything but to me it seems like they have to keep watching their back in case big brother is watching theirs.

    Thanks in advance for replying!
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  2. 05-03-2011 #2
    Av8tor009
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    As long as the UIGEA is in force and the DOJ is at war with poker, US players are NOT obligated to pay ANY taxes for ANY online poker winnings... if they want any money from online poker, they're going to have to legalize and regulate it... until then, it's a free ride for US players...
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  3. 05-03-2011 #3
    tama_198
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    Question

    Do you know where it says in that law that there is no obligation to pay taxes?
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  4. 05-03-2011 #4
    KnightofNarg
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    You're still "obligated" to play taxes, he's just a little bitter about the whole online shutdown.

    1.They usually don't, but they may now on Pokerstars,Fulltilt,AP with the whole FBI oversight.`
    2.The IRS will say yes.
    3.Maybe on the three listed above, otherwise no.
    4.Not many.
    5-6. Not sure
    7.The IRS says yes. Will I? No.
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