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#1
09-08-2004, 05:51 PM
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n00b ?
I am new to the forum and to online poker (PartyPoker) and have a few questions. Hopefully I have posted in the correct place, my apologies if not. I have done pretty well and enjoy playing but was wondering about a tax issue. Do I need to pay taxes on the money I have earned if I have not cashed it out or can it stay in my account tax-free until I do eventually cashout? Thanks for the help. NJ.
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#2
09-08-2004, 06:39 PM
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Re: n00b ?
Worry about taxes if your winnings exceed $1200. You can deduct ANY gambling losses plus expenses from your winnings for your net income. So while you won $400 playing poker you probably lost $400 on the slots in AC. Right? Keep a log to document your losses.
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#3
09-08-2004, 06:56 PM
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Re: n00b ?
Hi, thanks for the response. I only began playing a few months ago and play poker only. I do not really have any losses to speak of. All my winnings remains in my online poker account, and I am considering whether I should cash it out and get a check or leave it there. I am doing quite well and do not really feel the need to cash out any time soon, but I am worried that I could be in trouble if I needed to pay taxes on my winnings even if I did not cash out and just left it in my account. Any ideas? Thanks.
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