PDA

View Full Version : Taxes is Poker


Stephen
11-17-2003, 09:22 PM
An area of poker that I have not yet considered, for whatever reason, is the income tax of a professional poker player. Is poker a taxable endeavor? Or is the vigorish at the player's chosen card club all that is expected? I would appreciate any reliable information from professionals and non-professionals alike.

Thanks in advance.

Michael Davis
11-18-2003, 12:47 AM
You are required to pay taxes on your poker winnings.

-Mike

Kurn, son of Mogh
11-18-2003, 09:33 AM
In the US, *all* gambling winnings are taxable as ordinary income. There's a specific line on Form 1040. You can deduct gambling losses (only to the amount of your winnings) on Schedule A if you itemize.

Stephen
11-18-2003, 11:31 PM
I appreciate the information.