#6
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Re: Pay Taxes on Earnings?
It is very clear that all poker income whether from "winning" or "bonuses" are all taxable in the US in the year earned. There is no question about this. In addition it does not matter if you "take out" the money from the poker site. If the money is in your account and you have the ability to transfer this money to other accounts you have earned this money.
In addition, there is no limit (e.g. your $500 example). All gambling winnings, net of losses, are taxable (e.g. your net increase for the year). Do not make a mistake thinking you do not owe taxes on this money. Whether you report or not is up to you. I am still deciding how I will handle my net increase this year. |
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