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#1
09-08-2004, 09:57 PM
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Question On Pro\'s Paying Taxes
I have a question about how players pay taxes if their sole source of income is from online poker. Since online poker is illegal do you guys not report it? What happens then when the IRS realizes you are paying rent, car payments, etc. but have no source of income. What about checks from neteller.
How do you guys keep from going to prison? 
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#2
09-08-2004, 10:12 PM
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Re: Question On Pro\'s Paying Taxes
[ QUOTE ]
How do you guys keep from going to prison? [/ QUOTE ] You wouldn't believe how fast my internet connection is from prison!
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#3
09-09-2004, 09:44 AM
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Re: Question On Pro\'s Paying Taxes
Who says it is illegal? It is not Federally illegal, however some states do not allow it.
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#4
09-09-2004, 09:52 AM
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Re: Question On Pro\'s Paying Taxes
[ QUOTE ]
I have a question about how players pay taxes if their sole source of income is from online poker. Since online poker is illegal do you guys not report it? What happens then when the IRS realizes you are paying rent, car payments, etc. but have no source of income. What about checks from neteller. How do you guys keep from going to prison? [/ QUOTE ] On line poker is not illegal. And the US will have severe trade sanctions imposed on it if it tries to make it illegal. In a landmark case brought against the US by Antigua the World Trade Organization has ruled that any attempt by the US to restrict internet gaming is illegal and a violation of numerous trade agreements the US has signed. Of course the US signed lots of agreements with the Indians too, and look where they got the Indians...........
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#5
09-09-2004, 09:56 AM
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Re: Question On Pro\'s Paying Taxes
This is revisionist history. Native Americans were healthily compensated with beads and barren land.
-Michael
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#6
09-09-2004, 10:04 AM
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Re: Question On Pro\'s Paying Taxes
Since when have trade sanctions scared the US out of anti-free trade legislation? The US's trade record is slightly better than the EU, but at least they don't talk the talk. We are the world's biggest trade hypocrites, and nobody is a bigger one than our current president.
But, indeed, the Antigua case was a moral victory.
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#7
09-09-2004, 10:05 PM
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Re: Question On Pro\'s Paying Taxes
So online poker "isn't illegal". Alright, back to the taxes question. Thanks.
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#8
09-09-2004, 10:18 PM
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Re: Question On Pro\'s Paying Taxes
Pay taxes quarterly on your winnings and file Schedule C at the end of the year, and you have nothing to worry about.
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