A little bit about money.

[waj4ever16]

Hey. I'm new to this website and I'm not exactly sure that this topic should even be here but please bear with me. I am a 19 year old playing texas hold'em. I play 15-30 online. I've just started playing seriously recently and I'm doing very well. I try to make $1000 a day and then I just quit. Its actually a pretty cool job because I usually play for about 1/2 hour to 2 1/2 hours per day and the rest of the day I just chill. Anyways, my question is for people that have made quite a bit playing online poker. At last count, I have made $42,615 dollars for the year. I withdrawal money to my neteller account and then it goes straight to my bank account. I have a few questions that need to be answered. Does the IRS know about the money I'm making? Am I going to have to pay a crapload in taxes next year? Somebody told me about offshore accounts. Should I look into putting my money in there? I'm just trying to prevent Uncle Sam from taking my money if you know what I'm saying. Thanks a lot for your help. Sorry if this is in the wrong area.

[Wheezl]

Maybe the people at Lies.com can help you. Im sure they have a forum as well.

[waj4ever16]

I assure you that I am not lying. What good would it do for me to lie? Do I get cool points or something?

[BarronVangorToth]

Your money is taxable.

Do a IRS-search on this site and you'll see lots of posts on this very subject -- but your form will have a slot about how to properly pay your taxes.

Realize that many will tell you not to -- but it's the right thing to do.

Thank you, by the way, for doing so well online, as it will fund the coffers of our American machinery and potentially make it that in 70 years when they allow me to start collecting Social Security that the monies will (maybe) be there.


Barron Vangor Toth
www.BarronVangorToth.com

[highlife]

wow you make a grand in half an hour a day, why not play five hours and make ten grand? i guess that is too much work.

seriously though, 42k is not even close to enough money to risk tax fraud over. pay uncle sam already.

[SoBeDude]

[ QUOTE ]
wow you make a grand in half an hour a day, why not play five hours and make ten grand? i guess that is too much work.

seriously though, 42k is not even close to enough money to risk tax fraud over. pay uncle sam already.

[/ QUOTE ]

Or move to Canada, where gambling is tax exempt.

[steveyz]

Uncle Sam takes everyone's money. Get used to it. If you're making $500/hr playing poker, why even sweat it? Just pay your fair share. Chances are, the IRS won't catch you if you don't pay it. But they might, and if they do, you are screwed. They won't allow to you play online poker in a federal prison. So take that risk if you want, but I'm not advocating it.

[EnderFFX]

I was thinking that as well. Legitimate question, bogus post.

[Kevin J]

Don't worry. I've got a feeling that by Dec. 31, your tax obligations will have lessened. [img]/images/graemlins/smirk.gif[/img]

[pudley4]

[ QUOTE ]
Hey. I'm new to this website and I'm not exactly sure that this topic should even be here but please bear with me. I am a 19 year old playing texas hold'em. I play 15-30 online. I've just started playing seriously recently and I'm doing very well. I try to make $1000 a day and then I just quit. Its actually a pretty cool job because I usually play for about 1/2 hour to 2 1/2 hours per day and the rest of the day I just chill. Anyways, my question is for people that have made quite a bit playing online poker. At last count, I have made $42,615 dollars for the year. I withdrawal money to my neteller account and then it goes straight to my bank account. I have a few questions that need to be answered. Does the IRS know about the money I'm making? Am I going to have to pay a crapload in taxes next year? Somebody told me about offshore accounts. Should I look into putting my money in there? I'm just trying to prevent Uncle Sam from taking my money if you know what I'm saying. Thanks a lot for your help. Sorry if this is in the wrong area.

[/ QUOTE ]

Where's the part where you whip it out on the table???