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Not that I will have this problem any time soon but how do you guys deal with taxes in Canada specifically?
I have read numerous posts on poker and tax sites alike – I know many people site they are not accountants and I should seek the advice of a properly trained accountant, but since I am not a winning player I feel that's a little ridiculous.
I jsut wanted to know do you claim your winning above certain amount? Or not at all? I am little confiused because tax law in reference to poker is very ambiguous and I am honor roll accounting student 🙂
Any insights would be great sirs.
PS: Keep up the great in the videos and podcasts – I know the guys and gals on the site really apppreciate how much interaction you guys have with us LITTLES in the forums and chat alike.
HAPPY HOLIDAYS
My understanding of canadian tax law is that gambling winnings are not taxable. However, as soon as it becomes your main/sole (not sure) source of income, you must pay taxes on it like a regular job.
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TPE Management
July 20, 2010
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llebdet said:
My understanding of canadian tax law is that gambling winnings are not taxable. However, as soon as it becomes your main/sole (not sure) source of income, you must pay taxes on it like a regular job.
your understanding is very good imo and is a very grey area in canada and i prefer to keep it grey as my career deepens i am forced to get more creative but getting to a point where Revenue Canada (IRS) will drop me a line soon and im prepared
llebdet said:
My understanding of canadian tax law is that gambling winnings are not taxable. However, as soon as it becomes your main/sole (not sure) source of income, you must pay taxes on it like a regular job.
This is bang on accurate.
What about in the U.S guys, im curious as well. Ive had multiple bankwires from different pokersites. Most of them being within the 2k-3k range. At what point do I need to be worried about this, I havent paid taxes on this yet. Am i supposed to? Does it have to be a certain amount? Please any help would be appreciated guys.
I would also like to hear insight on this for US player. Thanks! 
TPE Management
March 17, 2010
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It's hard to give you guys tax advice without knowing your situation. Every state has different tax laws regarding gambling income. Last year I filed as a professional and added winnings to income and deducted losses as expenses because that's how it's done in NY. I'd suggest checking with your CPA. I used Russ Fox (he's well known on 2+2) and I'd recommend him to anyone. Here is his website: …..etalk.com/
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