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...

and the particular legal grounds are.........drum roll please...........

On September 30 2008 01:05 Highcard wrote: and the particular legal grounds are.........drum roll please...........

yeah please enlighten us nolan

No taxation without representation tilts me to no avail, i can't believe that shit is taught in highschool when it has literally nothing to do with why we disbanded from Britain.

how many percent in average do u guys pay in tax..

we got sick tax laws in norway =(

im a regular worker like i dont earn much but i have to pay 36 percent tax


and the gouverment wants 33 percent of each cash game/tournaments winning over 1800 $

(cash game is every single pot going over 1800 $)

and i think it would be hard for thoose high stakes player to beat the stakes the rake and the taxes i could imagine it would be more profitable to player lower easier stakes..

Norways tax law sux big fluffy donkey balls T_T

the bottom line is the US Government has to make their mind up - if online poker is 101% legal then sure go tax that shit
..but it's not treated as 101%

and before any gets preachy (I won't bother to revisit this thread though) the IRS and Federal Reserve are both unconstitutional bodies

the bible is packed full of massive contradictions too!

most people are almost always gonna want the best of both worlds and/or to make stuff as good for them as possible but sadly that's very rarely 'fair'/legal/just/etc.

i pay taxes on it. Not worth the consequences of not and it's less than 10% if you're cashing out ~10k/yr as spotty players such as myself do

On September 30 2008 04:55 Liquid_GoLD wrote: how many percent in average do u guys pay in tax.. we got sick tax laws in norway =( im a regular worker like i dont earn much but i have to pay 36 percent tax and the gouverment wants 33 percent of each cash game/tournaments winning over 1800 $ (cash game is every single pot going over 1800 $) and i think it would be hard for thoose high stakes player to beat the stakes the rake and the taxes i could imagine it would be more profitable to player lower easier stakes.. Norways tax law sux big fluffy donkey balls T_T

I would have to pay half of what i've won in taxes here, If i paid any at all

i have paid over 700k in taxes lifetime

pay your fucking taxes you cheap bastards

some of you guys are such idiots srsly

i should probably clarify - people who say not to pay taxes because 'governments r bad' are idiots

On September 30 2008 22:55 Daut wrote: i have paid over 700k in taxes lifetime pay your fucking taxes you cheap bastards

........thats highway robbery imo 700k to the government who screws us over in the end. Rather burn the 900k than to give 700k to the government but you cant escape death and taxes. I think i might have to folk over 5 digit figures this year in taxes. Going to have to work harder i guess.

On October 01 2008 00:16 lostaccount wrote: Show nested quote + On September 30 2008 22:55 Daut wrote: i have paid over 700k in taxes lifetime pay your fucking taxes you cheap bastards Rather burn the 900k than to give 700k to the government.

What logic would ever posses you to burn 900k?

On October 01 2008 02:08 hubmaster wrote: Show nested quote + On October 01 2008 00:16 lostaccount wrote:   On September 30 2008 22:55 Daut wrote: i have paid over 700k in taxes lifetime pay your fucking taxes you cheap bastards Rather burn the 900k than to give 700k to the government. What logic would ever posses you to burn 900k?

have u not seen batman the dark night movie T_T ?

On October 01 2008 00:11 Yugless wrote: i should probably clarify - people who say not to pay taxes because 'governments r bad' are idiots

what a clarification

so you don't feel violated in any way that you pay taxes to a 'government' that is the same 'government' that has made the income they're taxing you on near-illegal? If I win $200million in the Euro Millions lottery and go and start up a poker site, decide to open it to Americans - I would get arrested upon entry to the US.. lol

the mind boggles at how one could feel this is 'kosher' at all

for instance, in the UK, there was a case (in the 80s I think) to determine whether or not there was enough 'skill' in bridge to make it a non-'gambling' game or whatever (and inherently a taxable income-source) - they determined that it was a game of skill. A few years ago there was a very similar case with regard to poker - they determined that luck was too much of a factor and therefore remained a 'game of chance' (leaving UK pros paying 0% income tax on our 100% legal source of income).

I'm very far from wanting to turn this into some stupid and ridiculous debate about 'my country could beat up your country' or something like that, just giving the examples that I have knowledge of.

On September 30 2008 22:55 Daut wrote: i have paid over 700k in taxes lifetime pay your fucking taxes you cheap bastards

really irrelevant, taxes are inherently relative anyways.. -_-
but I'm sorry for your loss.

all good points but people who don't to pay taxes based on moral opposition are only hurting themselves. you have to do it, that's just how it is.

On October 01 2008 13:15 Yugless wrote: all good points but people who don't to pay taxes based on moral opposition are only hurting themselves. you have to do it, that's just how it is.

this.

if you have a problem with the system, work to get it changed. until then, you gotta pay.

Make a political thread and everyone jumps in with their leftist ideals.

Make a thread about paying tax and everyone jumps in saying how they refuse.

Classic.

in sweden we pay 30 % if it's outside the european union, and taxfree if it's within the european union.

On October 01 2008 16:02 Maynard! wrote: Make a political thread and everyone jumps in with their leftist ideals. Make a thread about paying tax and everyone jumps in saying how they refuse. Classic.

there's a difference between paying taxes, and paying taxes on gambling winnings, which not many countries do these days.