Professional players and taxes

[Steve S]

Hello all,

Not sure if there is a better place for this b/c it's not strictly Hold'em but any game. Do people who make a living playing poker report any winnings (besides what they must from tournament wins)? Just curious if this is something some pros think about (especially someone playing the smaller games 10/20 - 20/40).

In order to not incriminate anyone, please tell me how "someone you know" handles this issue or if is just a given that no pro pays taxes on income from ring games.

Thanks,

Steve

[namknils]

Pros do pay taxes. So should you.

[bicyclekick]

Yeah, it sucks, but it's life. Better safe then sorry.

I'll be sending them a ~1600 check here for my first quarter income. I thought the rake at the casino hurt...and now I gotta pay the government for my winnings too.

Gotta pay for our roads/schools/other stuff somehow I guess.

Only thing that gets me is the government is getting double income tax on this money real easy...cause the people that lost their moeny to me more then likely paid income tax on that money, and then i have to pay income tax on it too.

THey'd be foolish to make internet gambling illegal, their raking in the dough. (at least from those of us that ARE paying taxes on their money.)

[Steve S]

[ QUOTE ]
Pros do pay taxes. So should you.

[/ QUOTE ]

I pay taxes, but I find it hard to believe that the majority of people are reporting this income. Similar to all waitresses claiming 100% of their tips.

[BigEndian]

I would expect pro's to report enough ring game winnings to account for their cost of living. I would also expect that most of them do not deposit their winnings in banks.

By the by, I waited tables for 5 years. Friends of mine report enough to cover 10% of their sales - which is about half - a little less really.

- Jim