Taxes and Poker

I just won 1000$ and i cashed out 300$ from PS. Now i wanna know if theres a way to avoid taxs on these or how do i go about it.

you're playing poker as a hobby, don't worry about it

yeah no one will give a fuck as long as you arent cashing out like 10k+ a year and even if you are cashing out 10k or so i doubt you are going to raise any flags to signal anyone to check into your life

i would buy drugs with it so they cant trace the money

xD

take the money and run

out of far-fetched paranoia, I am editing this

has anyone in the usa paid taxes on their internet poker money?

On September 29 2008 17:40 asdf2000 wrote: fuck the government + Show Spoiler +

i'm going to be sooo pissed and have no respect for you if you have ever in your life taken any free thing from the government.

it's terrible you don't pay taxes unless you've never had a job.

On September 29 2008 15:57 CrownRoyal wrote: yeah no one will give a fuck as long as you arent cashing out like 10k+ a year and even if you are cashing out 10k or so i doubt you are going to raise any flags to signal anyone to check into your life

nothing above 10k a year? are you serious?

jesus ppl just pay your taxes. what's deducted wont be THAT much and its for the benefit of everybody. ALSO, if you are ever caught in any capacity, i dont think tax evasion is something you'll want on your record for the rest of your life. is it worth saving a handful of dollars? just pay.

worst thing to do is to pay taxes because you feel an obligation with society. government isn't synonymous with society. government is an autocratic institution occupied by self-interested/greedy bureaucrats and politicians who shouldn't be trusted to spend your hard earn money.

What do you earn yearly? I'm pretty sure you don't even need to file income taxes if you make below X number of dollars. We have a very progressive income tax system.

taxes are for the benefit of everybody?

maybe like 10-20% of your taxes.


I give way more than that back to society, intentionally, through other mediums.

No thanks to letting greedy old rich fuckers blatantly steal my money.

On September 29 2008 15:22 NrT.RuSH wrote: I just won 1000$ and i cashed out 300$ from PS. Now i wanna know if theres a way to avoid taxs on these or how do i go about it.

This is not tax advice but I would include it on your tax returns as income earned. I'm guessing that you're a kid with no income. You're likely under the income required to file a tax return.

No tax for you.

On September 29 2008 19:29 asdf2000 wrote: taxes are for the benefit of everybody? maybe like 10-20% of your taxes. I give way more than that back to society, intentionally, through other mediums. No thanks to letting greedy old rich fuckers blatantly steal my money.

i have a lot of issues with the tax system in america today, but that doesn't mean i wont hold up my end of the deal and pay it anyway. taxes arent spent super efficiently, sure, but itd be even worse if nobody paid anything and we'd all be left with no public goods or services. argue to have the tax policies changed, but until then, we're better off paying instead of relying on others to pay and freeriding.

What I've always wondered is how you pay taxes on poker money.

Yeah but he can choose to put money into charities/respectable causes that he believes in and then take a tax credit for it. At least that's how it works here.

On September 29 2008 20:33 rS.Wisdom[9] wrote: Show nested quote + On September 29 2008 19:29 asdf2000 wrote: taxes are for the benefit of everybody? maybe like 10-20% of your taxes. I give way more than that back to society, intentionally, through other mediums. No thanks to letting greedy old rich fuckers blatantly steal my money. i have a lot of issues with the tax system in america today, but that doesn't mean i wont hold up my end of the deal and pay it anyway. taxes arent spent super efficiently, sure, but itd be even worse if nobody paid anything and we'd all be left with no public goods or services. argue to have the tax policies changed, but until then, we're better off paying instead of relying on others to pay and freeriding.

I speak for myself and make decisions based on what I believe is best. I do absolutely nothing simply because I am told to.

There is no point in speculation of what would happen "if". I already stated that I give back money much more liberally than taxes, and we both agreed taxes are not spent efficiently.

So explain where the problem is.

yeah i pay legitimately. i dont want to win a WSOP event and then get my life looked into and have paid incorrectly. If you plan on being successful, i'd suggest you just pay 100% as accurately as you can and keep records of it.

wisdom,

some would question taxing online poker and how it fits into no taxation without representation as we do not get any legal regulation/protection/representation to the poker sites that take our business.

of course, the counter-point that it is our fault in choosing to deal with the grey area.

but there are a few particular legal grounds by whihc you could in theory fight paying taxes on online poker winnings, according to one of my professors...