Online Play

[mscags]

My question to all of you who make a considerable amount online is this: What do you do when it comes time to pay taxes on all of your winnings. Since it is illegal to gamble online how do you claim everything? What really boggles me is how newspapers can write articles about people winning so much money on party poker and not get in trouble for it. Any help would be appreciated!

[lehighguy]

The IRS really cares about getting their money, not where it comes from.

Also, it is not illegal to play. It is illegal to operate the site, but then again that is why they are overseas.

As for reporting I think if you make less then $10k I wouldn't report it. If your in college or something that is a really good reason not to report because of 1) financial aid, 2) the government thinks you have no income so they won't come snooping.