Re: Can anyone tell me when I have to start reporting my winnings..?
I have been wondering the same thing myself, to pay or not to pay? I average about $2000/mo playing online and never withdraw more than $300 at a time. However I see one difference between your senario and mine. Your only income is online poker, and you have bills so where does the money come from? However in my case, I have a $65K/yr job to help hide my winnings so of course in my mind I want to believe that there is no way I would ever get audited... right?
There is one thing that really scares me though, what happens when I win the WPT and have to claim 1.2 million? That might raise a red flag somewhere, and when the IRS goes back over the last 4 years and sees that I made $72,000 online, (and I am quite sure they would dig into it) I suspect I could be in a little trouble.
So start paying now while I am a newbee, or hope like hell every year that I don't get audited and take my chances.
Decisions decisions...
wait a minute, I just won 1.2 million, WTF do I care?
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