what to do?

giddyup · #1 11-18-2005, 05:31 AM

i know this is the wrong forum for this type of nonsense, but it seems like this section holds more serious players that can answer my question adequately. my question is: what do all you of you high earners do about taxes? i've made a good deal of money playing online and i would like to pay as little as possible (obviously). is there a way to get by paying very little? are the consequences worth trying to get away with not claiming poker winnings? i'm interested to hear what serious players do about this. thanks.

The Truth · #2 11-18-2005, 05:37 AM

I have been given some speculation by one CPA that I might should only claim whatever I take out of neteller and the pokersites and put into my bank account. So, all the money still in neteller and in the poker sites remains unclaimed until I withdraw it.

Using this method, One could withdraw enough to stay in the lowest tax bracket and invest that money or whatever.

blake

MrBig30 · #3 11-18-2005, 05:39 AM

Just to make all non-Swedes jealous: We don't pay taxes on poker winnings as its considered a lottery and not skill-related. This was just tried in court yesterday BTW and held up. [img]/images/graemlins/grin.gif[/img]

#4 11-18-2005, 06:47 AM

[ QUOTE ]
Just to make all non-Swedes jealous: We don't pay taxes on poker winnings as its considered a lottery and not skill-related. This was just tried in court yesterday BTW and held up. [img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

Same for the Netherlands [img]/images/graemlins/cool.gif[/img]

stigmata · #5 11-18-2005, 08:23 AM

[ QUOTE ]
Just to make all non-Swedes jealous: We don't pay taxes on poker winnings as its considered a lottery and not skill-related. This was just tried in court yesterday BTW and held up. [img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

linky?

Is this a UK thing? This also then has bad implications for gutshot and other poker clubs, as it is now technically illegal until it becomes a casino.

MrBig30 · #6 11-18-2005, 08:32 AM

This decision just concerns Swedes, links below. Actually it is only for sites within the EU/EES which should include Gibraltar-based Partypoker.

Link (Swedish)

Link 2 (Swedish)

stigmata · #7 11-18-2005, 08:44 AM

OK thanks. There is a similar case in the UK courts at the moment, and a ruling is imminent I believe. I thought this could be the same case, but it is obviously a swedish equivalent.

MrBig30 · #8 11-18-2005, 08:54 AM

Ok, I hope you get a "good" decision too [img]/images/graemlins/wink.gif[/img]

spydog · #9 11-18-2005, 09:52 AM

[ QUOTE ]
Just to make all non-Swedes jealous: We don't pay taxes on poker winnings as its considered a lottery and not skill-related. This was just tried in court yesterday BTW and held up. [img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

Not surprising, considering Swedes have no poker skilz. [img]/images/graemlins/grin.gif[/img]

stigmata · #10 11-18-2005, 10:10 AM

I'm not sure what is a "good" decision for us. If poker is seen as pure luck then it will be much more difficult to find a live game. Also, there is no tax on gambling anmore, so the decision should have no direct effect on taxes. However, I fear that if poker is legally a game of skill, then there is some chance the government might use this fact to start taxing professional poker players again.

My theory is that they will start taxing poker the very same day I decide to go pro [img]/images/graemlins/mad.gif[/img]