Taxes-online

[mooks]

Hi everyone. This is my first post. I'm an avid reader here, love everyone's posts and have learned tons and tons from everyone.

Got a few questions regarding paying taxes on poker winnings. I apologize if these questions have been answered before.

1) Is it necessary to notify the IRS about your gambling winnings?

2) After a certain amount of profit do I need to be concerned? and what is that profit amount?

3) Will they be able to follow the paper trail through my bank?

4) What amount should I expect to pay for say $1k of profit?

Any advice is greatly appreciated, thank you

MOOKS

[gonores]

Words of advice...

Use the "Search" function for a load of info. This is covered at least once a week,

Find an accountant...report everything.