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Hi –
i am curious how the top earners deal with the governmemt/irs. Lets say you take down the sunday million and cash out 100k+ how would that work? You just keep it hush and slowly pull it out of the bank? I wouldn’t think people are reporting online poker earnings.. Any info would be appreciated.
Thanks
TPE Management
March 17, 2010
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You are supposed to report poker income like normal income. It is not based on cashouts.
How you report income depends on your state. For NY for example, a pro can report net profit. An amateur has to report winnings as income and losses as deductions. That actually really screws you as you know in tournaments your total cashes will be huge compared to your overall profit.
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