Why Tax?

[joecash]

Do you have to pay taxes on poker winnnigs if it's not your main source of money? I mean, what if you just play for fun - don't keep records - and end up winning a couple thousand over a year? Suddenly, I need detailed records to give to the IRS or something?

[Pov]

You are unlikely to receive much for legal advice on a public forum. I am certainly not a lawyer, but the short answer to your questions is . . . yes.

[Rhone]

There have been innumerable threads on taxes and poker winnings in the Internet Forum.

[AncientPC]

It's still income.

[Slim Pickens]

Move to Canada, eh?

[joecash]

well, I'm not paying a dime.

[Chaos81]

[ QUOTE ]
well, I'm not paying a dime.

[/ QUOTE ]
And I'm going to laugh when the IRS comes knocking on your door.

Why wouldn't you pay? That's like saying, "I got a $3,000 a year raise, but it's not that much, I don't feel like paying taxes so I won't." Stupid idea if you ask me, but hey, it's your money.

[AncientPC]

Lots of people pay less taxes than they should be, either hiding money offshore, through cash assets, or tax shelters. I know the owners of this small Chinese restaurant that takes cash only. They don't get that much business, but the owners drive two Mercedes and still haven't gotten caught.

Just don't cry about it when the IRS fines you.

[joecash]

I guess you're not getting my point. I think you should only pay taxes on your regular job income, not your hobby. If someone makes a $100 bet on the golf course and wins, they are supposed to report that to the IRS? That cracks me up.

[the_joker]

If you're playing online, you have electronic, easily trackable transactions. If you get audited I would think you'd be dead meat. If you have a bet with a friend there is really no way to get caught. It seems silly to risk fines and/or jail to make a few bucks.