Death and Taxes (mostly the latter)

I've heard that if you cash out more than $500 at a time poker sites will report it to the IRS and you'll have to report it on your tax return. Do you have to report online poker winnings? What if I haven't been keeping track?

Thanks in advance
-Chris

[whiskeytown]

I highly doubt it - these sites aren't legislated or run under US law, so why they would report it tax code wise is beyond me...

RB

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I've heard that if you cash out more than $500 at a time poker sites will report it to the IRS

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You heard wrong.

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Do you have to report online poker winnings?

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Yes, just like any other gambling winnings.

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What if I haven't been keeping track?

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Estimate. And start keeping accurate records right now.

[Bob T.]

What if I haven't been keeping track?



On most sites, you can get a history of all your transactions from the cashier.

[cardcounter0]

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I've heard that if you cash out more than $500 at a time poker sites will report it to the IRS and you'll have to report it on your tax return.

[/ QUOTE ]

I've heard the US Government is keeping the bodies of space aliens on ice at Area 51.

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Do you have to report online poker winnings?

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Yes, they are income just like any other income.

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What if I haven't been keeping track?

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Then you have a problem. Better contact the sites for records and start keeping track.

[BottlesOf]

No the sites don't report such things to the IRS, no that doesn't mean you don't have to pay taxes.