jay1085 0 Posted August 15, 2006 Share Posted August 15, 2006 If you win a big tourney on FT, say u win 60,000. Do you have to pay taxes on that money? How would they know. Does FT send u a tax form? Link to post Share on other sites
crocd99 0 Posted August 15, 2006 Share Posted August 15, 2006 If you win a big tourney on FT, say u win 60,000. Do you have to pay taxes on that money? How would they know. Does FT send u a tax form?it there is a 60k deposit in your bank account trust me they will know Link to post Share on other sites
dna4ever 2 Posted August 15, 2006 Share Posted August 15, 2006 there are probably 50 threads about taxes on this site, you can use the Search function at the top right of the screen and find some.All in all I think this is the best tax resource out there for poker players ....http://www.pocketfives.com/DD6E4B33-181C-4...3BE6A8AF8C.aspx Link to post Share on other sites
Guest_ 0 Posted August 15, 2006 Share Posted August 15, 2006 hire an accountant and set up a corporation Link to post Share on other sites
_Great_Dane_ 0 Posted August 15, 2006 Share Posted August 15, 2006 If you win a big tourney on FT, say u win 60,000. Do you have to pay taxes on that money? How would they know. Does FT send u a tax form?You don't have to.Who is "they?" The IRS?Probably not.See below link to answer the important question:http://www.washblade.com/thelatest/thelate...fm?blog_id=8665 Link to post Share on other sites
showstopper24 0 Posted August 15, 2006 Share Posted August 15, 2006 I doubt it because it is online, but Im not sure. I haven't won 60k yet. Link to post Share on other sites
LITTLEPOPPA 0 Posted August 15, 2006 Share Posted August 15, 2006 I doubt it because it is online, but Im not sure. I haven't won 60k yet.Try opening an offshore corporation, moving the money there and then travel to the country and bring back the cash smuggled in ur arse. It works, just dont take the money out in quarters. Link to post Share on other sites
Teffy 0 Posted August 15, 2006 Share Posted August 15, 2006 Depends on where you live bud. U.S.........you would have to claim it as income if you withdraw it i would assume. Canada - tax free money baby! Link to post Share on other sites
grocery_mony 8 Posted August 16, 2006 Share Posted August 16, 2006 Depends on where you live bud. U.S.........you would have to claim it as income if you withdraw it i would assume. Canada - tax free money baby!tax free if it is not your primary source of income. If they can prove that you play for a living they can force you to pay taxes as if it were an income. There was a case a few years back where revenue canada actually went after someone in ontario for winning to much at the sports lottery. There arguement is the guy spent alot of time researching and was skilled at sports handicapping so they considered it income not a windfall. Unfotunately they won the case. back to the original question, arent you admitting to breaking the law by claiming internet poker wins as income. if its against the law to play online poker how can they just take your tax money. Link to post Share on other sites
RDog 0 Posted August 16, 2006 Share Posted August 16, 2006 Pay your taxes. Case closed. Nothing like the IRS up your ***. Link to post Share on other sites
SuitedAces21 2,722 Posted August 16, 2006 Share Posted August 16, 2006 Dont pay if you love Anal Sex. Link to post Share on other sites
jay1085 0 Posted August 16, 2006 Author Share Posted August 16, 2006 You don't have to.Who is "they?" The IRS?Probably not.See below link to answer the important question:http://www.washblade.com/thelatest/thelate...fm?blog_id=8665 Who the **** else would THEY be jackass! Link to post Share on other sites
vonteego3 0 Posted August 16, 2006 Share Posted August 16, 2006 Nope, you don't HAVE to pay taxes.You also don't HAVE to stop when that cop pulls up behind you with his lights blinking.In both cases, I'd recommend doing so, though. Link to post Share on other sites
_Great_Dane_ 0 Posted August 16, 2006 Share Posted August 16, 2006 Who the **** else would THEY be jackass!You ask a stupid question that is somewhat vague in a public forum and you call me a jackass? Link to post Share on other sites
Teffy 0 Posted August 16, 2006 Share Posted August 16, 2006 tax free if it is not your primary source of income. If they can prove that you play for a living they can force you to pay taxes as if it were an income. There was a case a few years back where revenue canada actually went after someone in ontario for winning to much at the sports lottery. There arguement is the guy spent alot of time researching and was skilled at sports handicapping so they considered it income not a windfall. Unfotunately they won the case. back to the original question, arent you admitting to breaking the law by claiming internet poker wins as income. if its against the law to play online poker how can they just take your tax money.you are correct.I unfortunately do not have that problem. bloody 9-5 lol. Link to post Share on other sites
jay1085 0 Posted August 16, 2006 Author Share Posted August 16, 2006 You ask a stupid question that is somewhat vague in a public forum and you call me a jackass?Why is this a stupid question? If this a stupid question why waste your time reading it and posting. If your not gonna answer my question or have no positve input than STFU. Link to post Share on other sites
k-10isnogood 0 Posted August 16, 2006 Share Posted August 16, 2006 back to the original question, arent you admitting to breaking the law by claiming internet poker wins as income. if its against the law to play online poker how can they just take your tax money.is it really ok to pay taxes on online winnings since it illegal anyway. If I rob a gas station should I claim that on my taxes also. If it's illegal how could I pay taxes on it. Any accounts out there Link to post Share on other sites
_Great_Dane_ 0 Posted August 16, 2006 Share Posted August 16, 2006 Why is this a stupid question? If this a stupid question why waste your time reading it and posting. If your (?) not gonna answer my question or have no positve input than STFU.You're incorrect. I answered all of your questions, and I gave you a reason why you should pay taxes on all of your income.is it really ok to pay taxes on online winnings since it illegal anyway. If I rob a gas station should I claim that on my taxes also. If it's illegal how could I pay taxes on it. Any accounts out thereIllegally gained income is supposed to be reported to the IRS as well. "Illegal income. Illegal income, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity."If you think otherwise, call the IRS for details. or find these details toward bottom of the page at:http://www.irs.gov/publications/p17/ch12.html Link to post Share on other sites
vonteego3 0 Posted August 16, 2006 Share Posted August 16, 2006 is it really ok to pay taxes on online winnings since it illegal anyway. If I rob a gas station should I claim that on my taxes also. If it's illegal how could I pay taxes on it. Any accounts out thereThe IRS doesn't give a damn where the income came from, as long as you report it. IRS records can be subpoenaed, but a tax return isn't going to spark an investigation into illegal activity, either. Link to post Share on other sites
k-10isnogood 0 Posted August 16, 2006 Share Posted August 16, 2006 I will belive you but I have a question, if I report a extra million on my taxes that I earned illegally do I have to tell the IRS how I earned it. If I do that brings me back to original point if it's illegal don't report it because your basically turning yourself in. Link to post Share on other sites
Gooser 0 Posted August 16, 2006 Share Posted August 16, 2006 i win 5k i pay taxes ... PAY taxes taces t Link to post Share on other sites
GWCGWC 83 Posted August 16, 2006 Share Posted August 16, 2006 It would be a good problem to have. Link to post Share on other sites
chrozzo 19 Posted August 16, 2006 Share Posted August 16, 2006 If you win a big tourney on FT, say u win 60,000. Do you have to pay taxes on that money? How would they know. Does FT send u a tax form? taxes... Link to post Share on other sites
bdluss 0 Posted August 16, 2006 Share Posted August 16, 2006 Quick history lesson....what did Al Capone go to jail for? Murder, extortion, intimidating witnesses, bribery, illegally selling alcohol? Nope police could not get him on any of this. The most famous mobster ever could not get found guilty of any of these.Found guilty and sent to federal pound you in the a s s prison for TAX EVASION. Bottom line is IRS does not care where you make your $, they care about your income. Pay the taxes.Also on two other notes. First the IRS can not report on its own (their records can be subpoena during a criminal investigation though) for illegal activities. Secondly, poker is not illegal income as it stands right now (unless you live in Washington a 2 other states). In 2 months that might change but as of now it is perfectly legal. Link to post Share on other sites
jbage007 0 Posted August 16, 2006 Share Posted August 16, 2006 this is such a simple question that it deserves a simple answer:YES, income tax is due on ANY income, regardless of its source--this is true regardless of the state you live in because the federal tax is just that--a federal tax.If you FIND $100,000 in cash lying on the street, you owe tax on it!If you STEAL $100,000, you owe tax on it!If you BORROW $100,000 and do not have the intent to pay it back, you owe tax on it (relative to "good buddy low or no interest loans) (NOTE: This is not to be confused with a legitimate loan on which no tax is due on the loan proceeds)Get the picture?luv, JB(tax lawyer dude)p.s. the only income on which tax is not due is income that is "excludable" from gross income--such as interest on an IRA account, etc., but just to make this short and sweet, trust me--gambling income is NOT excludable Link to post Share on other sites
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