Post deleted by Mat Sklansky
 

Re: Poker for a living and taxes
 

Why are you asking? Is it curiosity, or is it because you intend to make a lot of money playing poker and want to know the best way to avoid paying taxes on it?

Post deleted by Mat Sklansky
 

Re: Poker for a living and taxes
 

Based on the quality and content of your posts on these boards so far, I am quite confident that you will never have to worry about paying taxes on poker winnings.

Re: Poker for a living and taxes
 

lmao

Re: Poker for a living and taxes
 

My desire to spend a decent amount of time and energy giving a full response will depend on why you're asking. I don't feel like going through the trouble only to satisfy someone's curiosity, but if you genuinely think that you need the advice, I'd take the time to answer your questions and connect you with the people to take care of the paperwork side of things. That is why I asked.

Re: Poker for a living and taxes
 

Dude

I would like to know how to avoid paying taxes on poker income please explain....
What amount or maybe what % of income would be enough to start attracting attention?
Thanks

Post deleted by Mat Sklansky
 

Re: Poker for a living and taxes
 

To the best of my understanding, in Canada non-professional gamblers are not taxed on their winnings.

Re: Poker for a living and taxes
 

sdc,

I'm not sure what you mean when you ask how much will start to attract attention. The liklihood of you getting audited are extremely slim, and assuming you have a regular job it is very easy to completely leave poker winnings off your tax report - therefore you pay zero taxes. This is illegal and something I do not condone, but I think only a very small percentage of winning poker players report anywhere close to their real earnings to the IRS.

While everybody's situation is different, I would say that if you're making $10,000/ yr or more it is definately worth the time and money to consult a tax professional who is knowledgable about the tax laws concerning gambling income. I can give a good reference to anybody who is interested, and am willing to have more discussion with anybody who wants to PM me.