Legality of online poker, taxes, etc.

[TakeYourClay 0]

I was wondering if any of you claim your online poker winnings on your taxes? I have a buddy that plays low limit and makes a li8ttle bit of extra cash and he asked me if he had to pay taxes on them. I told him I didn't know because I just use play money. Figured someone here would know. Does it matter on how much you win or what state you are from; or something of that nature. Any info would be helpful.

[redfish 0]

The word I've gotten is not to worry about claiming the winnings, it's not like the poker sites are going to send you a W-2 or anything. Now if online poker is your primary source of income you may want to consult a CPA.

[Smasharoo 0]

How much money are we talking about here?The reality is that the IRS isn't going to notice if you rake in a few grand playing online in a year and don't report it. If you're making six figures they might wonder how you afforded the new house on your Starbucks salary.I claim everything I get a W-2g for and anything with a decent paper trail, but I'm overly paranoid. I claimed the $30,000is I made playing online last year and will again this year.I tend not to worry about non paper trailed casino cash transactions.

[rkard 0]

No idea what it's like over there. Fortunately, in Europe they don't know what to do with it, so it's not taxable.

[Dconman 0]

Just in case any fellow Canadians are reading this, gambling winnings are not taxable in Canada. So if you're making a killing at the tables you may want to move to Canada.