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.
October 6, 2010
its stories like this that make me glad i dont live in the US
October 6, 2010
i live in australia, where poker winnings do not get taxed at all.
instant 20% ROI increase 😀
October 6, 2010
its just like the USA except better in every way 😀
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
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.
Most Users Ever Online: 2780
Currently Online:
24 Guest(s)
Currently Browsing this Page:
1 Guest(s)
Top Posters:
bennymacca: 2616
Foucault: 2067
folding_aces_pre_yo: 1133
praetor: 1033
theginger45: 924
P-aire 146: 832
Turbulence: 768
The Riceman: 731
duggs: 591
florianm1: 588
Newest Members:
CSerpent
KJ
Tillery999
sdmathis89
ne0x00
adrianvaida2525
Forum Stats:
Groups: 4
Forums: 24
Topics: 12705
Posts: 75003
Member Stats:
Guest Posters: 1063
Members: 12010
Moderators: 2
Admins: 5
Administrators: RonFezBuddy, Killingbird, Tournament Poker Edge Staff, ttwist, Carlos
Moderators: sitelock, sitelock_1