as usual the US BS

General discussion about poker.

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Throaked
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Joined: Sat Sep 09, 2006 2:13 pm

Should online poker be taxed or what?

Postby Throaked » Tue Nov 29, 2005 2:25 am

I watch a story on 60 mins talking about online poker and i was wondering what u all think.
Ahmand1976
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Joined: Mon Sep 04, 2006 1:42 pm

Taxing On-Line Poker

Postby Ahmand1976 » Tue Nov 29, 2005 6:48 am

Howdy Y'all -

I personally like it just the way it is which now is virtually tax-free. However, if the U.S. Government legalizes on-line poker rooms here in the states you can bet your bottom dollar they'll want their cut. Truly, I wish there was less attention drawn to it than with all this TV coverage and the rest. I'm afraid they'll end up popping our cash balloon. Of course, that's just my opinion.

Good luck players!
Dientiong
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Joined: Sun Nov 06, 2005 9:13 am

Postby Dientiong » Tue Nov 29, 2005 2:12 pm

The IRS actually has a way for you to declare illegal earnings.  I don't know who in the heck is going to file it that way, but there is a way.  The government wants their share, no matter how you make it.  This is an extremely touchy subject.
Mystery36
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Postby Mystery36 » Tue Nov 29, 2005 4:52 pm

Card games arent taxable in the casino so I dont know how they could tax it online but you know if the government can find a way to get more money they just might do it.
Ahmand1976
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Joined: Mon Sep 04, 2006 1:42 pm

Taxes

Postby Ahmand1976 » Tue Nov 29, 2005 8:17 pm

Howdy Y'all -

You are incorrect with that statement about B&M poker rooms not reporting winnings for tax purposes Mys. However, there is a minimum amount won before they are required to submit a form to the IRS. I'm not sure what this minimum is but I believe it's around 5 or 10K. I'll do some investigative work and reply here soon.

Good luck players!
Ahmand1976
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Posts: 32
Joined: Mon Sep 04, 2006 1:42 pm

Taxes

Postby Ahmand1976 » Tue Nov 29, 2005 8:48 pm

Howdy Y'all -

OK Mys, I did a little checking and found that the majic number appears to be $10,000 or more. The IRS has two ways to nail you regarding amounts at or above that 10K.

First, should you deposit such an amount to your bank they are required to report it to the IRS. This would even be true in the case of on-line winnings. However, you can get around that simply by depositing two or more smaller amounts. Secondly, should you cash out that amount or more at a B&M room (whether from poker or any other form of gambling) they will require you to complete a W-9 right on the spot which will then be sent to the IRS.

My understanding is that the IRS doesn't consider lesser amounts to be worth the trouble to investigate. Legally though, you are responsible for claiming any and all income so that's somewhat of a personal choice. Still, they are interested so I can promise you it could be a problem.

Good luck players!
Oply1992
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Joined: Thu Aug 17, 2006 12:30 am

Postby Oply1992 » Thu Dec 01, 2005 8:41 pm

Ya I knew the amount used to be 10k wasnt sure if that got adjusted or not--ty for the clarification--my plan was always to put into account my 9.5 increments--however the basic problem with that plan is I haven't had an oppurtunity to implement it   8)

heres hoping I have that problem in 2006--(my new years wish--darn just looked its the same as last years  :oops: )
Sages1989
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Joined: Sun Jan 29, 2006 10:26 pm

Re: Should online poker be taxed or what?

Postby Sages1989 » Sun Dec 04, 2005 2:41 am

TennKid777 wrote:I watch a story on 60 mins talking about online poker and i was wondering what u all think.



TennKid777,

more interested in what you think.

i allready know what i think.

donvic
Welition93
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Posts: 260
Joined: Fri Dec 16, 2005 3:36 am

Re: Should online poker be taxed or what?

Postby Welition93 » Sun Dec 04, 2005 5:01 am

donvic wrote:
TennKid777 wrote:I watch a story on 60 mins talking about online poker and i was wondering what u all think.



TennKid777,

more interested in what you think.

i allready know what i think.

donvic

WELL DONVIC WE WOULD LIKE TO KNOW WHAT U THINK????? WE DON'T CARE WHAT HE THINKS... U SAID I ALLREADY KNOW WHAT I THINK,,, SHARE,,,,,,, ITS UR TURN!!!!!! YOU GOT THE FLOOR
Welition93
5 star member
Posts: 260
Joined: Fri Dec 16, 2005 3:36 am

Postby Welition93 » Sun Dec 04, 2005 5:04 am

OH MY BAD,,THATS UR SHORT SWEET POST ....OK I SEE NOW,, YOU QUOTE EVERYONE AND SAY NOTHING,,COOL IGET IT NOW..........
Nedify
2 star member
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Joined: Wed Nov 02, 2005 12:27 pm

Postby Nedify » Sun Dec 04, 2005 6:11 am

if they were smart they would tax poker and a lot more then that
Ruspinfirl
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Joined: Mon Dec 12, 2005 8:55 am

Postby Ruspinfirl » Sat Jan 21, 2006 12:27 pm

Possibly they could tax the rake and force the operators to make that higher.

Otherwise, a British citizen living in france playing with a US account. Who is going to enforce it?

Anyway I'm sure the IRS have looked at every possibility
Aften1988
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Joined: Sat Apr 08, 2006 7:31 pm

Postby Aften1988 » Sun Jan 22, 2006 4:41 pm

I don't think any of the poker sites should have to tax peoples winnings.  This is the only thing left out there that isn't taxed.  Let us poker players alone.
Courpastruce
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Joined: Sat Jul 08, 2006 9:18 am

Postby Courpastruce » Sun Jan 22, 2006 6:42 pm

if they decide to tax poker there is away around it.  (not really)
we all open a business and write off all losses against winnings.  for example buy a separate computer just for poker its a write off,  all deposits are on records so you could write off if you had a losing year as of now u can't write off losses cause there is no records.  they are a long way off for making it legal.
Nowhimed
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Joined: Thu Mar 09, 2006 7:48 pm

Postby Nowhimed » Sun Jan 22, 2006 7:12 pm

Certain card games are not taxable. If you win big pots in poker or BJ you don't have to pay taxes, that is what I heard on a show about vegas and gambling. You pay on  slots and other games. I found that interesting, not that I'd win, anything but it's nice to know. They can't tax online card games and not brick and mortar ones. But who knows, the gov wants to get in on the action too!


cydott

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