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October 6, 2012
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Dear TPE Pros,
Through a little research on internet, it is still unclear for me how poker profits are taxed and would love to have your insights on that matter.
How do you fiscally plan your poker profits? what is your tax strategy? which countries are the most friendly to professional poker player?
In case of large prize win, how to receive the poker profits tax free? I'm based in tax-friendly Switzerland but would still need to pay a quite high tax on a sunday million win for instance, unless the bank accounts are not declared to the taxation office.
Thanks a lot in advance for the precious help
TPE Management
March 17, 2010
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In the US winnings are treated as income and losses as deductions. It's a bit complicated because our tax system is complicated, and really not fair for poker players. You can't just take your net winnings as income, you have to account for total winnings and total losses.
So say for example you play 1000 MTTs and your overall cashes are 100k, you have to take that 100k as income. Then you can subtract your buyins as deductions – let's say they are 90k. So instead of just taking 10k income you are taking 100k income which could put you in another tax bracket.
I can't really speak for other countries.
May 30, 2012
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Poker winnings in Australia are not taxed! You keep 100%!
October 6, 2010
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mg021 said:
Poker winnings in Australia are not taxed! You keep 100%!
australia ftw
August 7, 2012
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I guess I should move to Australia. Just gotta start liking Rugby.
July 3, 2010
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The correct answer is obviously don't report anything and then skip town if they catch up to you.
October 6, 2010
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Cougars4444 said:
I guess I should move to Australia. Just gotta start liking Rugby.
australian rules football is way better, best sport on the world
June 27, 2012
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Aussie rules footy is the nuts! Check this clip out….
feature=youtube_gdata_player
October 6, 2010
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also has the 4th highest average spectators per game in the world – more than MLB, and just less than the EPL
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