Taxes for Ring Games, not Tournaments

[Relentless]

I was wondering, do I have to worry about reporting what I win in ring games? Is there a certain max that can go unreported?

I'm just concerned, thanks.

[TheMetetron]

Where in the world you are would be a good place to start. Apparently, there are something like 160 something countries out there... however, since you failed to state one, I'll assume you are from the US.

That makes the answer: yes, you do. Every penny of it. No matter how small.

[Rudbaeck]

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Apparently, there are something like 160 something countries out there...

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The UN just lost 31 members, and another 50 fell off the face of the earth? Depending on how you count you end up in the mid 200's somewhere in a country count.

Picking nits online since 1993.

[Relentless]

Sorry, I'm from the US. I have to report every dime I win, no matter how big or small? Do I report losses too?

Thanks

[AAquadsAA]

as of yet, there are no U.S. based internet poker sites. most are in the carribean, and canada. these countries will not report anything to the IRS. so i would not worry about it. unless of course you just want to give UNCLE SAM your hard earned money. you are supposed to disclose winnings by law but there isnt much they can do about it. now if you win $10,000 and make a deposit to your bank then the bank will report it. hope this helps. if any doubt just E-mail the site you play at and ask if they report winnings.

[Relentless]

So how do you guys go about depositing your winnings? What's the max I should deposit at one time?

[cardcounter0]

WOW! That advice is so bad, I wouldn't pay any attention to it.

You are depositing money by credit card or electronic network.

You have to cash in your winnings via electronic network, and hitting a Bank at some point, so it really doesn't matter if the site is located offshore, or doesn't report winnings.

The outflow/inflow of your transactions is totally traceable. The IRS wouldn't even have to break a sweat to trace it.

Unless you think you can get these offshore operators to fly over and pay you in cash, ... but then you would probably wonder how to deposit the cash into your bank account without anyone knowing.
[img]/images/graemlins/grin.gif[/img]

[Niediam]

You forgot the part about praying the IRS doesn't decide to rape you if you get selected for a random audit...

[MicroBob]

there is the possibility of having them send you a check and cashing it somewhere else of course.


Also, the fact that most Americans don't report their gambling winnings whether live or online is somewhat relevant.


a grandmother winning $27 in nickels playing slots is technically supposed to report this on her taxes. most do not obviously.


A party fish (or good player) who wins $2000 over the course of a year is also more likely than not going to neglect reporting it.

I'm no tax-expert....but if you didn't win much I wouldn't worry about it THAT much....but I would still report it to be safe.
If you won more than a little than you should be reporting it or else you are taking a pretty big risk.


There are MANY people out there who don't know to report their live or online winnnigs though. Although the IRS will tell you that ignorance is no excuse.

[beernutz]

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as of yet, there are no U.S. based internet poker sites. most are in the carribean, and canada. these countries will not report anything to the IRS. so i would not worry about it. unless of course you just want to give UNCLE SAM your hard earned money. you are supposed to disclose winnings by law but there isnt much they can do about it. now if you win $10,000 and make a deposit to your bank then the bank will report it. hope this helps. if any doubt just E-mail the site you play at and ask if they report winnings.

[/ QUOTE ]

My nominee for "Worst Advice of the Year" award.