Question on paying taxes on poker winnings. - Page 2

pokerraja · #11 07-01-2004, 09:48 PM

What should someone in my shoes do. im a 30 yo middle class dude. i have been playing online for about a year. i dont have much records. all i know is that i have put in about $5,000 dollars and won about $8,000 over all in my playing career. some weeks i cash out $400, some weeks i deposit $400, its up and down. where do i start on my taxes? im guessing since i already filed for last year, next year is when i should add my poker money. please help a confused dude.

Warik · #12 07-01-2004, 10:03 PM

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Perhaps you don't feel a moral obligation to pay taxes

[/ QUOTE ]

His gambling profits have already been taxed because his initial buyin consists of his own money that he has already paid tax on and his winnings consist of other peoples' money that they have already paid taxes on.

Income tax on gambling winnings is bullshit, as is income tax in general.

astroglide · #13 07-01-2004, 11:14 PM

your employer pays you with money they pay taxes on. their investors paid taxes on the money they made. etc. there's nothing unfair about paying taxes on winnings, but the mechanics of it could certainly be improved.

Warik · #14 07-02-2004, 02:53 AM

[ QUOTE ]
your employer pays you with money they pay taxes on. their investors paid taxes on the money they made. etc. there's nothing unfair about paying taxes on winnings, but the mechanics of it could certainly be improved.

[/ QUOTE ]

It's a hobby - not a business. Do you pay taxes on the money you make when you sell your friend an old pair of shoelaces?

TRWIII · #15 07-02-2004, 03:29 AM

although I wouldn't, I'm supposed to [img]/images/graemlins/frown.gif[/img]... the IRS wants a cut of every dime that goes into your pocket regardless of its amount or the legality of obtaining it (they want taxes on crack cocaine sales too. And theres a joke in there somewhere... but its just not that funny since its true.)

TRWIII

csuf_gambler · #16 07-02-2004, 04:06 AM

taxes are for sucka azz b1tches. just dont pay that sh1t cuh

sprmario · #17 07-02-2004, 09:38 AM

If you make money on it, then it's a business. If I raise orchids and sell them out of my garage and make $5k a year, that's a business. If I collect baseball cards and sell off enough to profit 5k a year then its a business. If I invest in a company and I get a payout I pay taxes on that.

The roads you drive on, the water you drink, the police that protect you, the firemen that put out the fires on your house, the army that protects this country are all paid for w/ tax dollars which you owe.

Just because you are able to justify these actions in your own mind doesn't make it right or legal in any way.

Michael Davis · #18 07-02-2004, 09:43 AM

"Just because you are able to justify these actions in your own mind doesn't make it right or legal in any way."

If one were able to justify an action, it could be right and not legal.

-Michael

Warik · #19 07-02-2004, 10:50 AM

[ QUOTE ]
The roads you drive on, the water you drink, the police that protect you, the firemen that put out the fires on your house, the army that protects this country are all paid for w/ tax dollars which you owe.

[/ QUOTE ]

I believe in taxes because they are necessary; however, I do not believe in income tax.

It is morally reprehensible to take more from one individual just because he is able to have more taken.

The ridiculous part is that those who contribute more get the least out of the system.

I support a flat tax to pay for necessary functions of government. I prefer a consumption tax over all this other crap.

Unfortunately, the government is able to abuse its power to confiscate half of what you make so there's no escaping. Of course, that doesn't make it right.

You so easily post on these boards lecturing me about how what I support is wrong because it goes contrary to Uncle Sam says is right, but the problem is that you are not seeing both sides of the issue. I want to keep what I make, and that's wrong? Your logic baffles me.

Oh, by the way, Happy Cost of Government Day

cardcounter0 · #20 07-02-2004, 11:11 AM

Let's say we do flat-tax the cost of necessary government functions that allow us to enjoy the nice business environment that exists in America.

Say it comes out to $1000 a head. Now take that $1000 from everybody. Well, when you take it from the Poor Schlub who digs ditches for a living and makes $12,000 a year, you are taking a months income. That $1000 probably means the kids don't get new shoes, or they don't eat meat on Wednesdays, or some other sacrifice they must make that really hurts, in order to pay the $1000.

Contrast it to Mr. Never Worked A Day In His Life PlayBoy. Paying that $1000, means a little insignificent digit in one of his many 6-figure bank accounts, or mutual funds, or 1 less T-Bill has changed. The Polo Ponies still get fed the best oats, and it is still Lobster and Champagne at the Country Club on Thursday Nights. He never really even notices the missing $1000.

So why is it so wrong to take $2000 from Mr. Playboy, and nothing from Poor Schlub? While Poor Schlub is digging a ditch at Mr. Playboy's new Shopping Center development, he can be relieved that the kids will at least have some new clothes from the thrift store when they go to school, and Mr. Playboy can still easily afford the gas to allow his driver to swing the Limo by the constuction site to see the progress on his newest real estate project, on his way to the morning Squash game.

Obviously, one is enjoying the fruits of the environment created by this Government more than the other, and by taking an equal flat dollar amount from each, one has to pay far more than the other in Lifestyle choices.
Not "fair" at all.