r18 0 Posted August 4, 2005 Share Posted August 4, 2005 How do you guys deal with taxes on winnings? I'm not talking about a couple hundred bucks but rather if you were to cash out in the thousands. Since it's online poker, there's obviously a paper trail. Do you set aside a portion of the funds till next April? Link to post Share on other sites
dmb41 0 Posted August 4, 2005 Share Posted August 4, 2005 Online sites don't send out W4's to the IRS. That's all I am gonna say. Link to post Share on other sites
r18 0 Posted August 4, 2005 Author Share Posted August 4, 2005 Right. But the payment processing centers are often U.S. companies and there's gotta be an amount that triggers the IRS.We're never going to get in trouble for online gambling. But at some point many of us could get "Al Caponed" for the tax part. Link to post Share on other sites
Guest Posted August 5, 2005 Share Posted August 5, 2005 I think there is a supplemental income sheet you can get from the IRS. Link to post Share on other sites
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