[track1697]

I was wondering when I win my seat to the world series through a satellite would I have to pay taxes on it. Most online sites that have satetllites through in a couple of grand for spending money so your talking about winning about $12,000 bucks. Say you win this through a freeroll at Full Tilt so it costs you nothing and you get to play in the WSOP. However, are you required (I'm more looking for what you are legally required to do, not if you can get away with not paying taxes on online poker winnings....that is a whole other topic) to pay taxes on the 12k you won since your not a professional poker player. The pros can deduct there losses from winnings (so if they don't cash its really only a 2k win), but a regular player is not allowed to deduct losses so does the 10k for the seat count as winnings even though you just lost it. If this is the case even though you won 12k your going to end up owing 4k in taxes or so. That would really suck...

[ad1129]

Originally Posted by track1697

I was wondering when I win my seat to the world series through a satellite would I have to pay taxes on it.

Lol, that made me laugh . As to the matter of paying taxes or not i'm not very sure on it, but i wouldn't think you would have to pay taxes on a seat and "spending money". I'm not to sure on it though seeing as i don't pay taxes yet.

-ad

[Texas72]

Welllll....since all the online poker sites are off-shore, they don't report payouts to the IRS. So they only way they're gonna know is if you tell them. I would of course never encourage someone to not report such.

[sensei24]

From what i heard about the gambling law and his taxes is that the site must pay them.
That's way they pick to locate their servers in country's were the taxes are very low. But i think they don't report all the income's or payouts so they will not pay them.
If the money comes to your pocket from another country nobody from your contry can ask you about the taxes. The taxes will be hold by the goverment on that country and are from the site, not from you.

Good luck catching a place in the WSOP>

[track1697]

In the US, if you win $10,000 online you are legally required to pay taxes on it. As most people said they have no way to know so you probably won't get busted. I just didnt know if winning a seat counted as winning 10k and you'd have to pay taxes on it Legally.

[Yearbookpoker]

I'm pretty sure even if you win just $100 or so you have to report it. So if you won the 10k you would also have to report it. Like everyone realizes though, they can't really catch you. Unless you tell them the IRS has no way of knowing that you even have a computer. I know that most people probably don't report poker winnings and losses to the IRS, but I would if I won quite a bit of money. Also too just like I said you are supposed to report not only winnings, but your losses too.

[track1697]

Originally Posted by Yearbookpoker

I'm pretty sure even if you win just $100 or so you have to report it. So if you won the 10k you would also have to report it. Like everyone realizes though, they can't really catch you. Unless you tell them the IRS has no way of knowing that you even have a computer. I know that most people probably don't report poker winnings and losses to the IRS, but I would if I won quite a bit of money. Also too just like I said you are supposed to report not only winnings, but your losses too.

You can not deduct your losses from your winnings unless poker is your profession. If you win 10k in one casino and lose 5k in another you'd have to report 10k of winnings.

[Yearbookpoker]

I went to website for some of the information and if I can find it again I will post a link. It said on there that you have to report both winnings and losses from gambling totalled from all places. Gambling is gambling wherever you do it.

[greendrag00n]

wtf taxes are so lame all they do is make things more confusing and pay for the goverment officials country club memberships.

[Yearbookpoker]

I found the website for my information again. This tells you all you need to know about taxes with online poker and stuff. I wish I lived in canada because they don't have to worry about it.

http://www.onlinepokerfaq.com/guide/tax-sessions.html