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

[TheIrishThug]

when i was in high school, my dad was doing my taxes for me. but now that i'm making more than just my on the books summer jobs, its not like he can just look at a pay check and get the info.

so now time for the question. u ppl r talking about quarterly taxes. i always thought it was just a yearly thing. should i be telling my dad how much to report more often than just what i made in the yr?

[RPMick]

Fair Tax

Everyone pays taxes. Even internet gamblers.

-Ryan
(Disclaimer: This link in no way promotes, accepts, or supports this idea. Simply used to inspire thought)

[TheHammer24]

[ 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.

[/ QUOTE ]

36k a year is starting salary for a High School Teacher. Do you think they post in forums on whether or they have to pay their taxes?

I've posted in the past, that I don't think subtle moves to avoid paying full are necessarily EV-. However, that is a lot of money man!

[Pokerprowannabe]

I have been wondering the same thing myself, to pay or not to pay? I average about $2000/mo playing online and never withdraw more than $300 at a time. However I see one difference between your senario and mine. Your only income is online poker, and you have bills so where does the money come from? However in my case, I have a $65K/yr job to help hide my winnings so of course in my mind I want to believe that there is no way I would ever get audited... right?
There is one thing that really scares me though, what happens when I win the WPT and have to claim 1.2 million? That might raise a red flag somewhere, and when the IRS goes back over the last 4 years and sees that I made $72,000 online, (and I am quite sure they would dig into it) I suspect I could be in a little trouble.
So start paying now while I am a newbee, or hope like hell every year that I don't get audited and take my chances.

Decisions decisions...

wait a minute, I just won 1.2 million, WTF do I care?

[benneh]

[ QUOTE ]
[ 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.

[/ QUOTE ]

36k a year is starting salary for a High School Teacher. Do you think they post in forums on whether or they have to pay their taxes?

I've posted in the past, that I don't think subtle moves to avoid paying full are necessarily EV-. However, that is a lot of money man!

[/ QUOTE ]

ahem.. perhaps i came off wrong in my initial post or one of my later posts, but i am in no way trying to dodge the taxes. was just lookin for a clarification. i've yet to have to do taxes until this year since i had never had a job until this summer (which i've recently quit), so I have no idea how the whole taxing thing is done, especially not when it comes to internet gambling.

[jrz1972]

It doesn't matter how often you withdraw.

For the sake of argument, let's set aside the fact that you're willfully evading taxes and leeching off the rest of us. Let's look at it just from the standpoint of what kind of risk you're running.

It is unlikely that you will be audited. (That statement is true for just about everyone). But if you do happen to be selected for an audit, you are hosed. The IRS will see EFTs to/from Neteller or PayPro on your bank statements, and they know that means you have a pot of undeclared cash sitting out there someplace. At that point you are looking at back taxes, interest, penalties, and a possible felony charge.