Income Tax For Online Cashout

[digitalmonkey 929]

What's a Canadain?

[Untilted 158]

I actually do tax returns for several part time pros. If your projected winnings from poker is under $ 10,000 for the year and you have no other significant income ( I am assuming this is the case because you are a student ) then I would not pay any estimated taxes. If your poker winnings is between $ 10,000 and $ 25,000 , I would make an estimated tax payment of 20% now if you don't like the liability hanging over your head. But you can also pay it next April 15th without penalty because you probably had little or no income tax the prior year ( another student assumption). If the # is over $ 25,000, get yourself an accountant. The rules are also quite different if you are a professional gambler. If you are an amatuer, you can not deduct losses directly from your winnings.

[WowThats 0]

RICO

[KHSPoker21 0]

I actually do tax returns for several part time pros. If your projected winnings from poker is under $ 10,000 for the year and you have no other significant income ( I am assuming this is the case because you are a student ) then I would not pay any estimated taxes. If your poker winnings is between $ 10,000 and $ 25,000 , I would make an estimated tax payment of 20% now if you don't like the liability hanging over your head. But you can also pay it next April 15th without penalty because you probably had little or no income tax the prior year ( another student assumption). If the # is over $ 25,000, get yourself an accountant. The rules are also quite different if you are a professional gambler. If you are an amatuer, you can not deduct losses directly from your winnings.

Confirmation I was looking for. thanks man

[jayvegas420 0]

Sure would be ideal if you could write off your losses in Canada!!!Can you do this in the States, I assume you can if you can claim your winnings?

[ajs510 122]

What's a Canadain?

A former resident of Denmark now living in Toronto.

[finztotheleft 0]

Confirmation I was looking for. thanks man

You know he said that you do not have to pay an estimated tax now, not that he recommended not paying taxes on your winnings next April, right ?

[KHSPoker21 0]

not for the "under 10,000" suggestion