Do you need to pay taxes on money won playing online poker?
Filed under: Uncategorized
26 June 2008
Joe Bonarman asked:
I recently won $3000 on a poker site, not based in the United States. Will I need to claim this on my taxes at the end of the year?
I recently won $3000 on a poker site, not based in the United States. Will I need to claim this on my taxes at the end of the year?
June 27th, 2008 at 7:12 pm
i wouldnt, but yes i think its over a curtain amout and i think you are over that.
June 29th, 2008 at 3:22 pm
Legally yes, any income, even from gambling should be claimed. That being said, I doubt anything would happen if you didnt claim it, as long as you do the rest of your taxes right.
July 2nd, 2008 at 1:31 am
Absolutely. Unlike European countries, the US taxes all income that its citizens make.
You can deduct any losses you had *this year* against your $3000 gain. I’d recommend going to the IRS website and doing some research on how, exactly, you’d file.
July 5th, 2008 at 4:01 am
Yes.
According to the revenue code, all sources of money and wealth are taxable until Congress awards an exclusion. The following sources of income are also taxable:
money found on the ground
ill-gotten gains
money made on a press in the basement
money stolen from a bank
goods purchased with monopoly money and sold for real (capital gain)
Exclusions include things like pensions, state and municipal bonds, military hazard zone pay, etc.
July 7th, 2008 at 3:58 am
i thought they recently made it illegal to play online poker if you are a us citizen. I know my partypoker account will not let me gamble with real money anymore
July 9th, 2008 at 7:03 pm
Legally, yes you do.