Matt Over Aces 0 Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT, do you wind up paying taxes on it? I mean, if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report. Link to post Share on other sites
WorkYou 0 Posted September 27, 2005 Share Posted September 27, 2005 sucks to be americanim assuming the money would just go straight in to ur account tho. then for all anyone knows u lost it all playing poker. so if u were sneaky u probably could hide it. Link to post Share on other sites
indianachris 0 Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT, do you wind up paying taxes on it? I mean, if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.Go to a local horse track and stand by some high rollers and keep their losing tickets. Link to post Share on other sites
WorkYou 0 Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT' date=' do you wind up paying taxes on it? I mean' date=' if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.[/quote'']Go to a local horse track and stand by some high rollers and keep their losing tickets.[/quoteLOLLLLLLLLLLLLLLLLLLLLLLLL] Link to post Share on other sites
indianachris 0 Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT' date=' do you wind up paying taxes on it? I mean' date=' if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.[/quote'']Go to a local horse track and stand by some high rollers and keep their losing tickets.[/quoteLOLLLLLLLLLLLLLLLLLLLLLLLL]Worked for my family members after they won some money. Link to post Share on other sites
Guest Anonymous Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT, do you wind up paying taxes on it? I mean, if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.Are you also worried about being hit by lightning? Link to post Share on other sites
quixotic 0 Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT, do you wind up paying taxes on it? I mean, if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.I dont know how that works to be honest. As I havent won a big enough amount in one sitting to worry about it. I do know that being Canadian you can get the tax back paid to the US govt by a casino or OL gaming site automatically. It is rather a pain in the ass but god bless Canada where lottery/casino winnings are tax free!Not quite as nice as Italy where anyone of any age can play the national loto some 7 year old just wont 37 million euros or some insane amount on the national loto. Link to post Share on other sites
Matt Over Aces 0 Posted September 27, 2005 Author Share Posted September 27, 2005 When you win a big amount in a large MTT, do you wind up paying taxes on it? I mean, if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.I dont know how that works to be honest. As I havent won a big enough amount in one sitting to worry about it. I do know that being Canadian you can get the tax back paid to the US govt by a casino or OL gaming site automatically. It is rather a pain in the ass but god bless Canada where lottery/casino winnings are tax free!Not quite as nice as Italy where anyone of any age can play the national loto some 7 year old just wont 37 million euros or some insane amount on the national loto.They teach 7 year-olds to gamble in Italy?That kid's parents are going to lock him in a closet until they spend his money. Link to post Share on other sites
quixotic 0 Posted September 27, 2005 Share Posted September 27, 2005 When you win a big amount in a large MTT, do you wind up paying taxes on it? I mean, if Party Poker pays you $200,000, does that go right into your account and the IRS never knows about it or what?Also, what do people do in terms of filing tax returns when they play online poker for a living? How much income do you actaully report.I dont know how that works to be honest. As I havent won a big enough amount in one sitting to worry about it. I do know that being Canadian you can get the tax back paid to the US govt by a casino or OL gaming site automatically. It is rather a pain in the ass but god bless Canada where lottery/casino winnings are tax free!Not quite as nice as Italy where anyone of any age can play the national loto some 7 year old just wont 37 million euros or some insane amount on the national loto.They teach 7 year-olds to gamble in Italy?That kid's parents are going to lock him in a closet until they spend his money.The only thing they can gamble on at 7 is the national loto...i dont know why that is. But ya wow 7 years old and set for life if his parents dont blow it beofre his 18th. I hope that kid has a good lawyer Link to post Share on other sites
Devilkin 0 Posted September 27, 2005 Share Posted September 27, 2005 sucks to be americanim assuming the money would just go straight in to ur account tho. then for all anyone knows u lost it all playing poker. so if u were sneaky u probably could hide it.Its similar in Canada - you do have to pay taxes on it if it is a substantial part of your income. Its not the same as winning the lottery.Dev Link to post Share on other sites
bober 0 Posted September 27, 2005 Share Posted September 27, 2005 all earning from any type oif poker are taxable. Link to post Share on other sites
Devilkin 0 Posted September 27, 2005 Share Posted September 27, 2005 all earning from any type oif poker are taxable.Not necessarily - depends where you live, how much you make and what portion of your income it represents.Dev Link to post Share on other sites
Silly_11 0 Posted September 27, 2005 Share Posted September 27, 2005 all earning from any type oif poker are taxable.you mean to say.,...all earning from any type of online poker are "taxable"the " " are key.... Link to post Share on other sites
alf13 0 Posted September 27, 2005 Share Posted September 27, 2005 Go to a local horse track and stand by some high rollers and keep their losing tickets.This is actually great advice. Link to post Share on other sites
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