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  #1  
Old 04-07-2005, 08:41 PM
fulltilt fulltilt is offline
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Join Date: Apr 2005
Posts: 27
Default Transfering Money into account? Report as income?

Hi,
I'm pretty new to this online poker thing but i've been doing pretty well. I was wandering, I have transfered about $1000 dollars into my bank account of earnings. Not one big transfer but many small ones. i was wandering whether I am required to report any of my winning to the IRS or anything. I don't think i'm going to be making like 20 thousand dollars a year or anything but maybe like a couple thousand dolloars a year. I'm a student and I don't have a job or anything except this. Please let me know.

Thanks.
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  #2  
Old 04-08-2005, 12:21 AM
sumdumguy sumdumguy is offline
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Join Date: Dec 2003
Location: Canada
Posts: 89
Default Re: Transfering Money into account? Report as income?

Morally, yes.
Legally, yes.
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  #3  
Old 04-08-2005, 12:57 AM
DarkKnight DarkKnight is offline
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Join Date: Dec 2002
Posts: 265
Default Re: Transfering Money into account? Report as income?

No. Assuming you're in the USA, your transfer of the money has nothing to do with the taxability of the income. Once you earn the money (ie win it at the table), it is considered income and is taxable under IRS regulations.
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  #4  
Old 04-08-2005, 01:46 AM
SoftcoreRevolt SoftcoreRevolt is offline
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Join Date: Jan 2005
Posts: 902
Default Re: Transfering Money into account? Report as income?

Awesome, I had been wondering about this question for a week or two as I do the IGM pay bonuses I forgot about awhile ago.
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  #5  
Old 04-22-2005, 12:34 AM
Derek in NYC Derek in NYC is offline
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Join Date: Jun 2004
Posts: 130
Default Re: Transfering Money into account? Report as income?

Given your limited income, your earnings may fall below the standard deduction.
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