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#1
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Do bonuses affect taxes? (US)
Just curious if you have to claim these at all or if it is just winning and losing sessions?
Thanks! |
#2
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Re: Do bonuses affect taxes? (US)
Bonuses are income and taxable.
Jeff |
#3
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Re: Do bonuses affect taxes? (US)
Jeff, do you now how they should be claimed? Are they considered "gambling winnings" despite the fact that you didn't actually win them by winning a wager, or are they considered some sort of "gift"?
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#4
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Re: Do bonuses affect taxes? (US)
[ QUOTE ]
Jeff, do you now how they should be claimed? Are they considered "gambling winnings" despite the fact that you didn't actually win them by winning a wager, or are they considered some sort of "gift"? [/ QUOTE ] i am not a lawyer but I think it's earned income. oh and I'm not an accountant either. |
#5
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Re: Do bonuses affect taxes? (US)
BONUSES ARE A GIFT!
you can accept as of 2004, 11,000 a year tax free thats what I am claiming them as [img]/images/graemlins/grin.gif[/img] |
#6
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Re: Do bonuses affect taxes? (US)
what it really come down to is you people are idiots! [img]/images/graemlins/grin.gif[/img]
ALL of the bonuses given out by websites and casinos are an incentive to gamble more and spend more money and 95% of the money goes right back into circulation. SO all the losing players who lose all their bonus money are tax evaders cause they didn;t stop and claim their money before they went and gambled it away ????? GET REAL! [img]/images/graemlins/crazy.gif[/img] Some of you need to chill the hell out [img]/images/graemlins/cool.gif[/img] |
#7
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Re: Do bonuses affect taxes? (US)
[ QUOTE ]
BONUSES ARE A GIFT! you can accept as of 2004, 11,000 a year tax free thats what I am claiming them as [img]/images/graemlins/grin.gif[/img] [/ QUOTE ] You obviously know nothing -- I mean absolutely *nothing* -- about the tax laws that govern gifts. Acme |
#8
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Re: Do bonuses affect taxes? (US)
It seems somewhat safe to assume bonuses fall into the same catagory as B&M casino comps. The IRS used to say that comps were separate from an individuals gambling activities. Some whale lost quite a bit of money in vegas but received something like a million dollars of comps (far less than what he lost of course)in comps and the IRS said he he owed taxes on the million. The whale challeged the IRS ruling in court and the court ruled that the comps should be considered in the same catagory as gambling winnings...
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#9
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Re: Do bonuses affect taxes? (US)
I'm so confused about poker and taxation. So what constitutes a win and loss? Do you just tally up the total net amount gained/won be it profits or losses? Do you add up per month, or per year, per session, or what?
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#10
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Re: Do bonuses affect taxes? (US)
It's per session but unfortunately there is some ambiguity as to what a session is for B&M play and absolutely no ruling as to what a session is for online play.
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