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  1. #11
    Prophet's Avatar
    Prophet is offline Jersey Retired
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    Re: I won over $4000 playing internet poker this weekend

    Great career move, if it doesn't work out you can always play guitar hero for coin.
    Get your facts first, and then you can distort them as much as you please. Mark Twain

  2. #12
    El Vikingo's Avatar
    El Vikingo is offline Ring of Fame
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    Re: I won over $4000 playing internet poker this weekend

    The best Poker for me is the one you play with your friends ,specially if
    they don´t know a pooh about that american cards game and they are drunk ....

    El underdog.

  3. #13
    Mr Anderson's Avatar
    Mr Anderson is offline Jersey Retired
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    Re: I won over $4000 playing internet poker this weekend

    And I thought I had a good weekend.


    Congrats!

  4. #14
    jmcdon00's Avatar
    jmcdon00 is offline Jersey Retired Snake Champion, Moto Trial Fest 2: Mountain Pack Champion, LL City Truck 2 Champion, Arithmetic sequence Champion, Troops Tower Defense Champion
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    Re: I won over $4000 playing internet poker this weekend

    "midgensa" wrote:
    "JPPT1974" wrote:
    But don't you have to pay some taxes with that?
    Cutting it to $2000?!
    The tax issue with poker winnings is really tough. Many accountants claim that NONE of it can be taxed because it is not "income" it is "winnings." Others say that you can count all your "losses" against it as well. I never paid a dime of taxes on any of my winnings ... and I have a personal friend that is a major corporation accountant that told me it is not an issue.
    Not exactly sure with the ones making millions ... but I do think there are ways around paying taxes on it as long as it is not a large amount (talking $20K +).
    Sorry long boring post follows. ;D
    All gambling winnings are taxable. It goes on line 21 other income on the 1040 form. The number included there is the gross winnings so say you play 1 tournament a week for $100 buy in, you win a total of $10,000 that is the number you are required to report, even though you really only won $4,800(10,000winning-$5200 buyins). Then you can deduct your gambling losses on the schedule A(Itemized deductions)but only to the extent of your winnings, of course many people don't itemize(most people start when they buy a house(mortgage interest and property taxes are big)), those that don't itemize get really screwed because they can't deduct their losses(pay tax on the whole $10,000 depending on their tax bracket that could be nearly as much as $4800 they won).
    That of course is the honest way, since many of the online games are based over seas, and many games are amongst friends for cash(illegal) the IRS doesn't recieve any record of what you won.(still if you purposely don't report it you are guilty of tax fraud, a felony(same with those cash jobs you've been doing)
    Casino's on the other hand will report your winnings if they exceed $1,200(sometimes less, you'll know because someone will come ask for your tax ID number and you'll get a 1099G from them), then you have to report them or you will get a letter from the IRS. I have seen people get really screwed by this, I had an older woman who went to the casino with her 2 daughters, she won I think $6,000 but gave it to the kids who lost it all before they left the casino that day. She had to claim it all as income which increased her total income for the year which caused a good chunk of her social security to become taxable, all in all it cost her over half of what she won, and she actually didn't win anything, one of the hardest tax returns I've ever had to explain(she was devastated when she learned how much she owed).
    Some have had success though arguing that it is a business, which is better tax wise because then you can deduct all your losses, plus your vehicle mileage, travel,
    maybe write off a portion of your internet and utilities etc. I would not recommend this because it is likely the IRS will audit you to prove that it is not really a business(one of the things you have to prove is that it is motivated by profit which is hard to do since the odds are in the casinos favor) I would guess this is what professional poker players do though.

  5. #15
    gregair13's Avatar
    gregair13 is offline Jersey Retired
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    Re: I won over $4000 playing internet poker this weekend

    i won $40 at the casino on the weekend to pay for my drinking.
    We're bringing purple back.

  6. #16
    Join Date
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    Re: I won over $4000 playing internet poker this weekend

    One of the guys I work with won $15,000. I asked him what he bought with it and he said nothing, he just kept going until he lost it all. Took a while.
    WE CAN BUILD ON THIS!!!

    In AP I trust

  7. #17
    Join Date
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    Re: I won over $4000 playing internet poker this weekend

    I myself am 5/10 on scratchoff lottery tickets.
    WE CAN BUILD ON THIS!!!

    In AP I trust

  8. #18
    VikesFan787's Avatar
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    Re: I won over $4000 playing internet poker this weekend

    What site was this on?
    814


  9. #19
    singersp's Avatar
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    Re: I won over $4000 playing internet poker this weekend

    "jmcdon00" wrote:
    "midgensa" wrote:
    "JPPT1974" wrote:
    But don't you have to pay some taxes with that?
    Cutting it to $2000?!
    The tax issue with poker winnings is really tough. Many accountants claim that NONE of it can be taxed because it is not "income" it is "winnings." Others say that you can count all your "losses" against it as well. I never paid a dime of taxes on any of my winnings ... and I have a personal friend that is a major corporation accountant that told me it is not an issue.
    Not exactly sure with the ones making millions ... but I do think there are ways around paying taxes on it as long as it is not a large amount (talking $20K +).
    Sorry long boring post follows. ;D
    All gambling winnings are taxable. It goes on line 21 other income on the 1040 form. The number included there is the gross winnings so say you play 1 tournament a week for $100 buy in, you win a total of $10,000 that is the number you are required to report, even though you really only won $4,800(10,000winning-$5200 buyins). Then you can deduct your gambling losses on the schedule A(Itemized deductions)but only to the extent of your winnings, of course many people don't itemize(most people start when they buy a house(mortgage interest and property taxes are big)), those that don't itemize get really screwed because they can't deduct their losses(pay tax on the whole $10,000 depending on their tax bracket that could be nearly as much as $4800 they won).
    That of course is the honest way, since many of the online games are based over seas, and many games are amongst friends for cash(illegal) the IRS doesn't recieve any record of what you won.(still if you purposely don't report it you are guilty of tax fraud, a felony(same with those cash jobs you've been doing)
    Casino's on the other hand will report your winnings if they exceed $1,200(sometimes less, you'll know because someone will come ask for your tax ID number and you'll get a 1099G from them), then you have to report them or you will get a letter from the IRS. I have seen people get really screwed by this, I had an older woman who went to the casino with her 2 daughters, she won I think $6,000 but gave it to the kids who lost it all before they left the casino that day. She had to claim it all as income which increased her total income for the year which caused a good chunk of her social security to become taxable, all in all it cost her over half of what she won, and she actually didn't win anything, one of the hardest tax returns I've ever had to explain(she was devastated when she learned how much she owed).
    Some have had success though arguing that it is a business, which is better tax wise because then you can deduct all your losses, plus your vehicle mileage, travel,
    maybe write off a portion of your internet and utilities etc. I would not recommend this because it is likely the IRS will audit you to prove that it is not really a business(one of the things you have to prove is that it is motivated by profit which is hard to do since the odds are in the casinos favor) I would guess this is what professional poker players do though.
    But IRS agents will know about it if you post on a website that has several thousand viewers everyday, "Look at me! I won $4,000!"

    "If at first you don't succeed, parachuting is not for you"

  10. #20
    erik5032's Avatar
    erik5032 is offline Star Spokesman
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    Re: I won over $4000 playing internet poker this weekend

    "jmcdon00" wrote:
    "midgensa" wrote:
    "JPPT1974" wrote:
    But don't you have to pay some taxes with that?
    Cutting it to $2000?!
    The tax issue with poker winnings is really tough. Many accountants claim that NONE of it can be taxed because it is not "income" it is "winnings." Others say that you can count all your "losses" against it as well. I never paid a dime of taxes on any of my winnings ... and I have a personal friend that is a major corporation accountant that told me it is not an issue.
    Not exactly sure with the ones making millions ... but I do think there are ways around paying taxes on it as long as it is not a large amount (talking $20K +).
    Sorry long boring post follows. ;D
    All gambling winnings are taxable. It goes on line 21 other income on the 1040 form. The number included there is the gross winnings so say you play 1 tournament a week for $100 buy in, you win a total of $10,000 that is the number you are required to report, even though you really only won $4,800(10,000winning-$5200 buyins). Then you can deduct your gambling losses on the schedule A(Itemized deductions)but only to the extent of your winnings, of course many people don't itemize(most people start when they buy a house(mortgage interest and property taxes are big)), those that don't itemize get really screwed because they can't deduct their losses(pay tax on the whole $10,000 depending on their tax bracket that could be nearly as much as $4800 they won).
    That of course is the honest way, since many of the online games are based over seas, and many games are amongst friends for cash(illegal) the IRS doesn't recieve any record of what you won.(still if you purposely don't report it you are guilty of tax fraud, a felony(same with those cash jobs you've been doing)
    Casino's on the other hand will report your winnings if they exceed $1,200(sometimes less, you'll know because someone will come ask for your tax ID number and you'll get a 1099G from them), then you have to report them or you will get a letter from the IRS. I have seen people get really screwed by this, I had an older woman who went to the casino with her 2 daughters, she won I think $6,000 but gave it to the kids who lost it all before they left the casino that day. She had to claim it all as income which increased her total income for the year which caused a good chunk of her social security to become taxable, all in all it cost her over half of what she won, and she actually didn't win anything, one of the hardest tax returns I've ever had to explain(she was devastated when she learned how much she owed).
    Some have had success though arguing that it is a business, which is better tax wise because then you can deduct all your losses, plus your vehicle mileage, travel,
    maybe write off a portion of your internet and utilities etc. I would not recommend this because it is likely the IRS will audit you to prove that it is not really a business(one of the things you have to prove is that it is motivated by profit which is hard to do since the odds are in the casinos favor) I would guess this is what professional poker players do though.
    Can you spell LOSER? lol j/k


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