View Full Version : Death and Taxes (mostly the latter)
I've heard that if you cash out more than $500 at a time poker sites will report it to the IRS and you'll have to report it on your tax return. Do you have to report online poker winnings? What if I haven't been keeping track?
Thanks in advance
-Chris
whiskeytown
08-21-2005, 04:36 AM
I highly doubt it - these sites aren't legislated or run under US law, so why they would report it tax code wise is beyond me...
RB
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I've heard that if you cash out more than $500 at a time poker sites will report it to the IRS
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You heard wrong.
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Do you have to report online poker winnings?
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Yes, just like any other gambling winnings.
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What if I haven't been keeping track?
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Estimate. And start keeping accurate records right now.
Bob T.
08-21-2005, 11:23 AM
What if I haven't been keeping track?
On most sites, you can get a history of all your transactions from the cashier.
cardcounter0
08-21-2005, 11:34 AM
[ QUOTE ]
I've heard that if you cash out more than $500 at a time poker sites will report it to the IRS and you'll have to report it on your tax return.
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I've heard the US Government is keeping the bodies of space aliens on ice at Area 51.
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Do you have to report online poker winnings?
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Yes, they are income just like any other income.
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What if I haven't been keeping track?
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Then you have a problem. Better contact the sites for records and start keeping track.
BottlesOf
08-21-2005, 12:00 PM
No the sites don't report such things to the IRS, no that doesn't mean you don't have to pay taxes.
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