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Old 12-20-2005, 02:00 PM
Luv2DriveTT Luv2DriveTT is offline
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Join Date: Apr 2004
Location: USA
Posts: 3
Default Re: Clarifications about Tax

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under what circumstances would the IRS look at my account? I am still a dependent, I barely have any net winnings and as far as official records go I have never held even a part time job.(i worked for my aunt for a summer)

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If you are subject to US tax laws, and if you have made $10,000 playing poker and you don't declare it and pay taxes on it, you are in violation of the law, period. Your age, dependency, other employment, the legality of your winnings, etc., etc., are irrelevant.

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You are incorrect, there is no $10,000 threshold.

Russel Fox already summed it up, take his advice only... ignore the advice of others in this thread. Russell is one of the foremost authorities on taxation for gamblers, Mr. Fox is a tax practitioner enrolled to practice before the Internal Revenue Service. You can read some of his essays at www.gambling-law-us.com

TT [img]/images/graemlins/club.gif[/img]
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