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#1
12-27-2005, 07:21 PM
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Re: Is moving up this way okay?
[ QUOTE ]
Just because the card room isnt legal doesnt mean you dont have to pay taxes on winnings from it. [/ QUOTE ] Indeed. If you sell cocaine, you owe taxes on your profits. If you accept a bribe, you owe taxes on it. If you steal, you must report the fair market value of the stolen property. IRS link Playing in an illegal cardroom is not necessarily illegal. Evading your taxes is. 
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#2
12-27-2005, 07:25 PM
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Re: Is moving up this way okay?
This is sort of the reason that I dont want to spend it all on one thing. I dont want the wrong people to ask the wrong questions. My BR is all cash that I keep in my safe at my home, it is exclusively just for my BR. The money I make online is so minute that no one is going to miss it anyways, so i dont think thats a difference.
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#3
12-28-2005, 07:23 AM
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Re: Is moving up this way okay?
[ QUOTE ]
Indeed. If you sell cocaine, you owe taxes on your profits. If you accept a bribe, you owe taxes on it. If you steal, you must report the fair market value of the stolen property. Playing in an illegal cardroom is not necessarily illegal. Evading your taxes is. [/ QUOTE ] Sure you're supposed to report your winnings, however, when you cashout your online winnings, the money trail is visible. If you come across a wad of cash and stash it under your pillow, you're not going to get into any trouble. I'm not sure what the balance between 'doing the right thing' and 'not risking getting caught' is for most poker players when it comes to paying taxes. In this situation, one would have to weigh heavily on the 'doing the right thing' side to report it. Either spend it or hit up the bigger games. If you just sit on that money to avoid paying taxes on it, you'll just be hurting yourself by the time you could have invested it and legally built it bigger than it initially was.
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#4
12-28-2005, 06:46 PM
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Re: Is moving up this way okay?
[ QUOTE ]
If you come across a wad of cash and stash it under your pillow, you're not going to get into any trouble. [/ QUOTE ] You probably won't. However, if you plan to break the law and brag about not paying your taxes, don't expect any help from those of us who do pay our taxes.
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#5
12-28-2005, 08:23 PM
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Re: Is moving up this way okay?
[ QUOTE ]
I'm not sure what the balance between 'doing the right thing' and 'not risking getting caught' is for most poker players when it comes to paying taxes. In this situation, one would have to weigh heavily on the 'doing the right thing' side to report it. [/ QUOTE ] Unless the player in question had foolishly declared his intention not to pay taxes on the money. Then we're back in "risk of getting caught" land.
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