poker & taxes & legislation

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mnj United States. Apr 26 2010 12:14. Posts 3848

I recently heard on npr that U.S was updating IEGA or w/e the hell its called to make it even more difficult to deposit/withdraw to online poker rooms. Can anyone verify this? I tried looking it up on different boards and even news but there doesn't seem to be much interest so I interpreted this to mean the new legislation won't affect U.S as much as I thought?

Also for the people who play poker for their primary source of income, do you pay taxes? Do you get benefits? The more detailed the better (if it's not too personal).

0 votes

vlseph United States. Apr 26 2010 15:13. Posts 3026

UIGEA is not getting updated, it was supposed to be implemented Dec 2009. It was postponed til June 2010, and Congress or someone has said there will be no more postponing of the bill's implementations. I don't think it will make it that much more difficult to transfer money, as all the banks have been implementing their policies in accordance to UIGEA already. This is all what I think.

No idea on taxes, check out 2p2 tax and legislation forum if you want advice if there isn't any sufficient ones here. I see a lot of accountants and lawyers posting there with really helpful advice that seems really professional.

The standard response to the question I see is, "pay your taxes."

The only hands a nit balances in his range are the nuts, the second nuts, and the third nuts.

shlade7 United States. Apr 26 2010 15:57. Posts 30

Check out theppa.org on the latest legal information in the US regarding poker.
I just filed as professional for the first time in 2009 as a poker player. I spent an entire day researching on 2+2 and tax sites, downloading forms and figuring out what I needed to do. Then, spent a second day figuring out all my deductions and filling out the forms. Taxes are a pain in the ass. If you don't feel like spending a couple of grueling days figuring it all out then I'd suggest hiring an accountant who is familiar with poker.