TAXES???????

[girgy44]

Does anyone here from the U.S. pays taxes on their online winnings? Is there any way the IRS will be able to cath you if you don't?

[sthief09]

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[spydog]

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Does anyone here from the U.S. pays taxes on their online winnings?

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Yes. I would suspect most of us do, especially those that win a lot.

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Is there any way the IRS will be able to cath you if you don't?

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Yes. And they will make your life miserable if they catch you pulling any crap like tax evasion. Seriously.

[Shoe]

Yes, pay your taxes. Especially if you have been making withdrawals.

I track my winnings and pay taxes on every cent that i win. Some people don't view the risk/reward thing the same way as me though.

[Zetack]

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Yes, pay your taxes. Especially if you have been making withdrawals.

I track my winnings and pay taxes on every cent that i win. Some people don't view the risk/reward thing the same way as me though.

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I assume then that you're also tracking your losses and itemizing them as deductions.

--Zetack

[Kurn, son of Mogh]

And they will make your life miserable if they catch you

How "miserable" they make your life depends on a number of things, not the least of which is how much you owe in taxes.

First of all, understand that to the IRS, online poker winnings are no different than any other kind of non-W2 income. So you'd be treated like somebody who say, got paid for walpapering some rooms for some friends who paid you in cash, and then you "forgot" to include that income on your tax return.

As an example, a friend of mine who's a nurse did some consulting on the side a few years ago and made about $8K, or about 12% additional income and neglected to put that 1099 income on her tax return (no taxes were withheld as she was an independent contractor). The IRS caught the oversight 2 years later and called her in.

When she made arrangements for a payment plan during their meeting, they agreed to waive all penalties and just charge interest. They never once threatened her with criminal charges and accepted her story that she had just misplaced the 1099.

The moral of the story is that, if the unpaid taxes don't amount to a big number (or aren't indicative of years of the same offense), the IRS is pretty reasonable about letting you slide with a minimum of pain as long as you make appropriate arrangements in good faith.

However, you get this opportunity only once.

[Paul2432]

Good post. The flip side of this if you make concerted efforts to conceal the money you can be charged with tax fraud. For example if you withdrew you money to an offshore bank account and then used an ATM card to access the funds and were caught doing this you could be facing prison time.

Paul

[Kurn, son of Mogh]

Of course. The key in your example is that the intent is obvious.

[K C]

And the flip side of that is - " sir whadda ya mean I gotta pay taxes on this?" [img]/images/graemlins/grin.gif[/img]

Damn it must suck to have to pay taxes on poker winnings [img]/images/graemlins/smirk.gif[/img]

KC
http://kingcobrapoker.com

[aflaba]

This is not an answer to the thread, just a wake up call to all americans!

I live in Sweden and don't need to play taxes on gambling wins. amen.

BUT, the value of the US dollar has PLUMMATED from 11 SEK five years ago down to almost 6.5 SEK now. It's a DISCRASE!!!

How can you AMERICANS ALLOW that!

You need to SAVE your country THE LAND OF THE FREE:

Stop buying foreign [censored]!
Stop travelling abroad other than for buisiness!
Export more land of the free products!

OK? Are we clear!!!???


Take is easy all
I'm going to to the store to buy me some american tools now.