(OT) Taxes: Who here is paying?

[Shillx]

I'm not. If I was up at all last year, I just spent my winnings on this case of beer. [img]/images/graemlins/cool.gif[/img]

[Catt]

I hope the winnings were enough for a case of Boont Amber or something comparable, instead of . . . ahhh, who am I kidding, there really is nothing comparable to Boont.

Hero sips again.

[LipBalmGuy]

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So, who here is paying taxes on their poker/bonus winnings this year?

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Well my $260 winnings got donated to the church! That seems like a nice place for the fruits of my hobby.

(Maybe they can put Bibles in all of the casinos, huh?)

[droolie]

i did. i did it wrong but i did.

[jaxUp]

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i did. i did it wrong but i did.

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kudos for the effort

[jaxUp]

For Canadians:

I found this thread really informative. Read the posts by TorontoCFE. They are excellent. Very Excellent.

Canadian tax thread

[ArturiusX]

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i did. i did it wrong but i did.

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What's your avatar supposed to be?

[joytoxin68]

I'll follow the lead of the Fortune 500 Companies in the U.S. by not paying taxes in this case.

Eighty-two of America’s largest and most profitable corporations—including three Connecticut based
corporations — paid no federal income tax at all in at least one year of the past three years,
a period when federal corporate tax collections fell to their lowest sustained level in six decades.
A new report on corporate tax avoidance by Citizens for Tax Justice (CTJ) and the Institute on
Taxation and Economic Policy (ITEP) covered 275 profitable Fortune 500 corporations,
including six Connecticut corporations, for tax years 2001, 2002, and 2003. In almost all cases,
the Connecticut companies paid less than the 35% federal corporate tax rate over the three years
studied. Three Connecticut companies paid at a “negative tax rate” – that is they not only paid
no federal tax, but received large tax rebates in at least one year between 2001 and 2003. Two
Connecticut companies, General Electric and United Technologies, were cited in the report as
among the nation’s largest recipients of federal corporate tax breaks during this period. General
Electric received $9.5 billion in federal tax breaks between 2001 and 2003; UTC received $1.8
billion between 2001 and 2003.

Oh, I won't claim it on my state taxes either:

http://www.independent-media.tv/item...rate%20Welfare

[bottomset]

I claimed 3100(my net profit) but i guess you are really supposed to keep track of all sessions, and deduct losses from winning sessions which I didn't do

[Aaron W.]

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From what I recall the last time this topic came about, as long as you don't cash out, you don't pay taxes on it. And since I've never cashed out...

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You need an accountant, a decent one, too. [img]/images/graemlins/wink.gif[/img]

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Nah... I'll just never cash out and never have large checks written to me [img]/images/graemlins/wink.gif[/img]. I recall the logic being that when you play online, the money in play is not actually "cash" (it's something more like "credits"). It's also not income because it's not money until it actually leaves the system (it's like Disney Dollars -- it only has value inside the park). Once you have a check made out to you (or an electronic funds transfer), THEN it becomes taxable income and THEN you report it as such. In other words, if you actually want to do something with the money *BESIDES* play more poker, it's taxable.