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I've had quite a bit of money exchange hands this year as far as poker goes. I've read up a good bit on how to claim my winnings and stuff and I talked to a tax advisor with H&R Block he's got me stressing the issue a bit. I was just wondering how everyone else's experience with taxes in the U.S. and poker has been. I haven't won a ton of money but a little bit… just wondering a ball park figure people have had to pay back relative to their winnings and maybe the method they filed to help ease my mind.
June 25, 2010
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i think i pay like 20% or something like that, I don't think you get taxed for winnings under 5k but i am really not sure about that
October 6, 2010
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its stories like this that make me glad i dont live in the US
June 25, 2010
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where do you live and how can i live there?
October 6, 2010
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i live in australia, where poker winnings do not get taxed at all.
instant 20% ROI increase 😀
TPE Management
April 6, 2010
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i want to move to Australia
October 6, 2010
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its just like the USA except better in every way 😀
uncle sam has to have his hands in just about everything state side…it sucks
how you report you income depends on if you are a 'professional' or 'hobby' player.
a professional uses 'sch c' to report income and losses and other expenses
and the net is added to their other income for income tax purposes. then
'sch se' is used to figure self employment tax on the net income from sch c
and is in addition to the income tax.
a hobbyist reports all income as miscellaneous income which is added to their
other income and any losses are reported on 'sch a' if you itemize. (in reality
i suspect most will just report the net profit as misc. income)
this is NOT tax advise. consult your tax advisor.
david
October 6, 2010
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in australia, they are extremely unwilling to classify poker as a job because firstly, it is extremely hard to quantify live winnings, so there is a disparity between live and online poker, and second, if you could claim to be professional, then you could claim against your losses and effectively pay no tax.
Im in Canada and have never understood why Canadians go to vegas to play mtt's (other than wsop). If looking for softer fields and no tax on winnings CPT events are where its at. No id taken from casnios of winnings under ten grand. Just thought next time someone is thinking of a poker getaway.
June 22, 2010
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You also need to check with your state tax laws as well. Some states do not allow poker to be taxed as income, only as lottery winnings, which really sucks!
"Your either in Sheen's Korner or your with the trolls."
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