Can anyone tell me when I have to start reporting my winnings..?

[benneh]

..or direct me to a post that ahs already discussed this.

I'm a lowly college student, and right now poker is my only income, and i've been making quite a bit, though I don't think i've withdrawn enough to be taxed on it (or taxed a significant amount at least). I never gave it a thought because I was simply playing for fun and withdrawing a few hundred when I needed to, but now i'm withdrawing a few grand every now and then, and i'm going to go car shopping soon, so a bit more is coming out this weekend. Can anyone help me out with how I can do this? Also, if I deposited 10 grand and won 20 grand, would I be taxed on 20 grand, or just my net gain of 10?

Thanks.

[benneh]

nveermind, i see there is a similar topic right below mine.

stil if anyone has advice, i'll take it, but i'll go read that thread now.

[theben]

taxed only on net.

unless you've won 10k+ and take it out in a chunk, i think you can mask the winnings and not worry. just withdraw in small amounts sporadically (500 or less). nobody will care/catch on hopefully

[handsome]

[ QUOTE ]
taxed only on net.

unless you've won 10k+ and take it out in a chunk, i think you can mask the winnings and not worry. just withdraw in small amounts sporadically (500 or less). nobody will care/catch on hopefully

[/ QUOTE ]

Good job giving advice on tax evasion. Hope this comes around to nip you in the butt some day.

I'm planning on paying my quarterly taxes by 9/30, hopefully if I can find a capable CPA by then.

[lefty rosen]

Nothing wrong with smurfing. Just withdraw about a grand or less a year and its smurfy............ [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/blush.gif[/img]

[dibbs]

Has there ever been an Internet Winnings Tax Sticky anywhere?

I've saved a bunch of random threads about the subject somewhere but haven't come across anything really expanding on the subject.

I'm planning on paying my quarterly taxes by 9/30, hopefully if I can find a capable CPA by then.

[/ QUOTE ]

If you have to do estimated taxes, then the form 1040-ES says individuals need to pay their third payment by 9/15.

[GoCubsGo]

[ QUOTE ]
[ QUOTE ]
taxed only on net.

unless you've won 10k+ and take it out in a chunk, i think you can mask the winnings and not worry. just withdraw in small amounts sporadically (500 or less). nobody will care/catch on hopefully

[/ QUOTE ]

Good job giving advice on tax evasion. Hope this comes around to nip you in the butt some day.

I'm planning on paying my quarterly taxes by 9/30, hopefully if I can find a capable CPA by then.

[/ QUOTE ]

You're just mad that you have to pay and he doesn't. It's your choice to pay taxes or risk it. If you're going to pay taxes, don't take out your bitterness on the people that don't.

[benneh]

[ QUOTE ]
taxed only on net.

unless you've won 10k+ and take it out in a chunk, i think you can mask the winnings and not worry. just withdraw in small amounts sporadically (500 or less). nobody will care/catch on hopefully

[/ QUOTE ]

I am winning about 3k a month and I have to take out more than a few hundred to get by. Lots of it stays in my roll, but i'm paying for part of my tuition, books, and housing with poker money, and I also need to purchase a new car (think i stated that in the first post), so masking my winnings isn't really an option.

[BottlesOf]

you owe on it already.