wretched08 0 Posted February 10, 2009 Share Posted February 10, 2009 I was wondering, money you win online that you cash out, do you have to file taxes on it? Link to post Share on other sites
FCP Bob 1,312 Posted February 10, 2009 Share Posted February 10, 2009 How hard is it to either give a serious answer or not respond at all to a new poster.Freaking elitists The answer is that if you are an American you owe taxes on online winnings the same way that you owe money on any other gambling winnings.You should consult a tax professional to give you advise for your particular situation and not go by the advice you see in an internet forum.If you google Russel Fox Taxes you will find a great resource on US Tax issues for Gamblers. Link to post Share on other sites
HighwayStar 8 Posted February 10, 2009 Share Posted February 10, 2009 If you're a UK citizen, and maybe a in other parts of Europe too, you don't pay anything . Link to post Share on other sites
Whatever 1 Posted February 10, 2009 Share Posted February 10, 2009 http://www.gambling-law-us.com/Articles-No...d-questions.htmQ: Regarding online poker, a reader who had several thousand dollars in winnings at online cardrooms said he knew how to report gambling losses, but that he had not received a W-2G and nothing had been withheld from the payouts made to him by the online casino. The reader asks: “All payouts (winnings) are documented in writing, as are my deposits (losses). Can I simply add up the total of the winnings that are documented and put that down as the total gambling winnings on my tax return?” Russ Fox's Reply The terminology in the question is hopelessly mixed up. “Payouts” are definitely not “winnings.” Likewise, “Deposits” are not “losses.” It is correct that winnings over the course of a year, on a session-by-session basis, are added up to determine the amount reported for federal income tax purposes. Losses for that year, again on a session-by-session basis must also be summed to determine the maximum amount that can be entered as an itemized deduction on the tax return in which the winnings are reported. The deduction of losses is limited to the amount of winnings reported in the return.Turbo Tax was pretty helpful in this regard along with my spreadsheet of every session played in 2008. Link to post Share on other sites
RDog 0 Posted February 10, 2009 Share Posted February 10, 2009 Why?This seems like a perfectly legit poker based question and this is a poker forum, so why not ask about it here?Or should they reassign this forum a Baseball, Politics, slimming and I’m too lazy to go to work today so I will phone in sick and create a topic that gets 145,000+ responses, forum.Search and Google.And Bob, yes we are elitist but we always eventually answer the question. Lobster answered it about 3 posts in. Link to post Share on other sites
Wandigo 1 Posted February 10, 2009 Share Posted February 10, 2009 I was wondering, money you win online that you cash out, do you have to file taxes on it? http://www.pocketfives.com/tax-qa Link to post Share on other sites
Merby 3 Posted February 10, 2009 Share Posted February 10, 2009 We might as well post the answers for tax questions here.There is a good thread on pocket fives (or was it on 2+2...?) about poker winnings and Canadian taxes... I will try to remember to edit my post and add the link (when I have time to find it). Link to post Share on other sites
phlegm 6 Posted February 10, 2009 Share Posted February 10, 2009 How do you claim on line losses? If i lose 10k allyear hen cash out a 5g win ? Link to post Share on other sites
Whatever 1 Posted February 10, 2009 Share Posted February 10, 2009 Read my link. You can't claim more gambling losses than winnings. Link to post Share on other sites
Canuckickstan 2 Posted February 11, 2009 Share Posted February 11, 2009 Link to post Share on other sites
silkyjonson 1 Posted February 11, 2009 Share Posted February 11, 2009 I find taxes are a pain, luckily I don't win. Link to post Share on other sites
chgocubs99 0 Posted February 11, 2009 Share Posted February 11, 2009 RDog got a post deleted...HAHAHAHAHA Link to post Share on other sites
cwik 0 Posted February 11, 2009 Share Posted February 11, 2009 How hard is it to either give a serious answer or not respond at all to a new poster.Freaking elitists The answer is that if you are an American you owe taxes on online winnings the same way that you owe money on any other gambling winnings.You should consult a tax professional to give you advise for your particular situation and not go by the advice you see in an internet forum.If you google Russel Fox Taxes you will find a great resource on US Tax issues for Gamblers.That's my tax guy! Link to post Share on other sites
RDog 0 Posted February 11, 2009 Share Posted February 11, 2009 RDog got a post deleted...HAHAHAHAHA!!!!I think it might be a first!!! Thanks Bob!!! Link to post Share on other sites
xzanos 0 Posted February 11, 2009 Share Posted February 11, 2009 How do you claim on line losses? If i lose 10k allyear hen cash out a 5g win ?In this scenario, you get to claim 5k in winnings, and nothing in losses. Only if you are filing as a professional gambler do you get to write off losses. Link to post Share on other sites
WhatArunAA 0 Posted February 11, 2009 Share Posted February 11, 2009 In this scenario, you get to claim 5k in winnings, and nothing in losses. Only if you are filing as a professional gambler do you get to write off losses.where have you been??? you disappeared for hte last 4 years. Link to post Share on other sites
xzanos 0 Posted February 11, 2009 Share Posted February 11, 2009 where have you been??? you disappeared for hte last 4 years.I was over there -->I'm just busy. Have to work a real job nowadays. Link to post Share on other sites
FCP Bob 1,312 Posted February 11, 2009 Share Posted February 11, 2009 In this scenario, you get to claim 5k in winnings, and nothing in losses. Only if you are filing as a professional gambler do you get to write off losses.xzanos is good people but this is an example of the incorrect information that you'll be given at online forums. Link to post Share on other sites
MadKennedy420 0 Posted February 11, 2009 Share Posted February 11, 2009 go to the track and sweep up all the ripped up betting slips littering the infield. Ball the collection together and spike it on the local H&R Block indian's desk. Explain that! Link to post Share on other sites
chrozzo 19 Posted February 11, 2009 Share Posted February 11, 2009 I was wondering, money you win online that you cash out, do you have to file taxes on it?> $7,827 then yes< $7,827 then noyw Link to post Share on other sites
xzanos 0 Posted February 11, 2009 Share Posted February 11, 2009 > $7,827 then yes< $7,827 then noywWhat about exactly $7,827? Link to post Share on other sites
Merby 3 Posted February 11, 2009 Share Posted February 11, 2009 RDog got a post deleted...HAHAHAHAHASome of the featured members went on a cold streak and lost money the month that they were featured.Others go on hot streaks and win lots more money.For his month, Ricky goes on a cold streak and loses... FCP posts. Link to post Share on other sites
RDog 0 Posted February 11, 2009 Share Posted February 11, 2009 Some of the featured members went on a cold streak and lost money the month that they were featured.Others go on hot streaks and win lots more money.For his month, Ricky goes on a cold streak and loses... FCP posts.They can delete my posts for the rest of the month if it means I don't go on a downer. Link to post Share on other sites
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