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Old 07-18-2004, 01:52 PM
GWB GWB is offline
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Join Date: Mar 2004
Location: A nice little white house with a garden of roses. Will return to my Crawford ranch in 5 years after my Second Term. Vote for me on November 2nd. Wish me luck.
Posts: 248
Default Re: Online Poker Taxes

You are supposed to pay taxes on your slot winnings (less offsetting loses) although they can't really track this unless you win a big jackpot. Online casinos and poker winnings are taxable and leave paper trails.

You are supposed to keep track of your session results and bonuses. Since you have a paper trail of deposits and withdrawals, you have enough to report your online gambling income correctly.

The IRS is most concerned with you paying taxes - so lack of detailed records can be forgiven in the beginning. As you earn more and learn more, they will likely be less forgiving, so start recordkeeping ASAP and don't lose sleep over the initial poor recordkeeping. [img]/images/graemlins/smile.gif[/img]
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