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Online Poker Money Withdraws

(8 posts)
  • Started 1 year ago by Christian Ulis
  • Latest reply from Tom Brackney

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  1. Christian Ulis
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    Hello i am new to this site and completely agree that Poker should be legalized in the United States. Doesnt our country have much bigger problems to worry about like maybe fixing the economy then stopping us from playing poker online?

    Was wondering if any of you guys that make money withdraws from your online accounts and if so do you declare them on your taxes at the end of the year? Is it something we can get in trouble to declare? I'm just wondering or looking for some advice on how other poker players handle that on year end taxes? I guess nobody has the perfect answers but wanted some suggestions. Thanks.

    Posted 1 year ago #

  2. matt asay
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    As long as you dont depost more than 5K a month your good ;)

    Posted 1 year ago #

  3. Christian Ulis
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    Thanks for the quick response. Yes all my withdraws are very small(100 and less). So you are saying to not even declare on taxes at all?

    Posted 1 year ago #

  4. matt asay
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    Well "legally" you have to report additional income over $500. Thats why you get a statement from your banks at tax time to report your interest earnings on your accounts. The ammount deposited per month before a bank is legally compelled to report you to the feds is $5k. This number used to be $10k, not any more. Keep it to $4999 a month. If you need more than that get multiple accounts at several banks and keep it to $4999 or less. Legal well no but whats your alternative. You can also just cash the checks. Notice most sites have a limit of $5k max per check. Wonder why well now you know. But if you win a big one and have to have all that cash now just suck it up and pay the %28-%50 they will take right out of your pocket. The big guys dont cash out little $5k checks a week. There are exceptions made if you win big. If you feel the need to report every thing you win then you also need to keep an acurate account of what you lose, what you spend in rake, and what you lose on a daily-weekly-monthly-yearly basis. You take that number and pay tax only on what you earned minus fees and losses. This is how the "PROs" pay taxes on there earnings and still be able to buy houses, cars and not be arrested by the feds for owning stuff with no job or tax ID on record.

    Posted 1 year ago #

  5. Shaun Woodard
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    With all due respect, this is terrible advice. The "perfect answer" is to pay your taxes, and if you're unclear about what your liability is, hire an accountant with experience in gambling to make sure you toe the line.

    Posted 1 year ago #

  6. matt asay
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    You can pay the rip off taxes all you want, I get raped enough on my payroll taxes. So do you report every thing you earn online and every dollar you win at a casino? I didnt think so

    Posted 1 year ago #

  7. Shaun Woodard
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    This thread isn't about how I report wins/losses. OP is asking questions about reporting earnings, and the responses you've given him are in some cases absolutely incorrect. My advice to OP is don't go looking for tax consultation on an internet forum, hire a pro.

    Posted 1 year ago #

  8. Tom Brackney
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    Just wnated to let everyone here know that Sportbook.com finnally sent me my money. I got the wire transfer successfully. So, it looks like they are improving in this area and are trying. I don't know how long I will be able to recieve wires however with this stupid UIGEA being enforceed now. So by the time the new year rolls around that may go away.

    Posted 1 year ago #

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