Do Pro Poker players pay TAX?

obviously i know that they are required to by law, but since the exact amount they make is only known to them they could easily fudge their non-tournament income. they are basically invulnerable to IRS audits, right? For the all the IRS knows a pro might only be paying about a small fraction of the tax they should be paying.

How does that work? You don't have an employer, and you wouldn't really have any official tax documents apart from the ones you write. Feel free to respond to this anonymously, but how do you really handle taxes?

to avoid any problems, most of them generally report a little more than they make.


IRS has guidelines for method of recording to substantuate amounts to be reported. in effect a "log" is required

Gambling winnings in the UK are not taxable, and poker counts as gambling according to some tax court decisions in (I think) the 60's. Why is poker gambling according to the courts? Because they decided that it is not a game of substantial skill!


The price we have to pay is that because it's gambling, poker is highly regulated, but income tax in the UK quickly rises to 40%, so it's a good deal!


RFL

"It would be foolish to declare yourself a professional gambler. All kinds of problems."


Is it really better to claim to be unemployed (assuming poker is your only source of income)? And to be unable to explain to the IRS where your rent money, car payments, etc. come from?

So it would be good value to come to our large tournaments in Melbourne.

I have visited Melbourne casino, the poker room is full of organized criminals and cheats. I think I will just stick with my home game here in Seattle.

Do tell me who they were and what they did, and I'll report it to the appropriate authorities right away.

in that case, it is all "one big session" - meaning if i am a winner i have no losses


or do i have to pay fica every time i rake the chips, or every time someone calls me when i am a big favorite - even if they draw out?

Ya, its called the RAKE!!!


bob

And if you look like you have a bit of money they try to get you into their crooked home games so you can be fleeced. Even poker room management are involved in this scam.