taxes for poker winnings?

[snoozer]

I played in a poker stars tourney and ended up taking second winning around $800. I have only started playing (usually just $6 tourney's). I know if you win over a certain amoutn at casino's you have to fill out tax forms, will I need to do anything like that?

OF COURSE I will be claiming the moeny as part of income, but I was just curious if I need to fill out any forms for poker stars?

 

[BleedDodgerBlue]

I played in a poker stars tourney and ended up taking second winning around $800. I have only started playing (usually just $6 tourney's). I know if you win over a certain amoutn at casino's you have to fill out tax forms, will I need to do anything like that?

OF COURSE I will be claiming the moeny as part of income, but I was just curious if I need to fill out any forms for poker stars?

why would you ever claim money on online poker winnings? Especially for an amount as little as $800.

Online poker is technically illegal anyway, so why would you tell the government you are playing and then try and file taxes on it. $800 isn't much in the scheme of things. Not saying its not good coin, but doesn't mean much in the scheme of paying taxes on.

If you don't like keeping the money at stars, although i'm not sure why you wouldn't. Keep it in your neteller account.

Even if you won over 100k in a tourney, just put it into neteller and slowly bleed it out.

im not an anti-tax guy. But, the amount you quote is really small, and you are doing something against the current american laws even though they are stupid, so why would you want to bring attention to yourself and pay taxes on it?

gl

 

[Kdogg21]

I wouldn't worry about claiming it either. Unless you start to win milliions of dollars, than maybe keep track of it, but I wouldn't worry about it. Even at casino's if you win alot, I always split it up with whomever I'm with so I don't have to fill out those stupid forms.

 

[snoozer]

thanks for the input.... I didn't plan on doing anything unless I has to fill out forms. I just know that when iwas in vegas I hit a slot machine for about 1500 and they made me fill out the forms right on the spot. was able to write most of it off but it was a hassle having to deal with those forms.

 

[Franky Wright]

Online poker is technically illegal anyway, so why would you tell the government you are playing and then try and file taxes on it. $800 isn't much in the scheme of things. Even if you won over 100k in a tourney, just put it into neteller and slowly bleed it out. im not an anti-tax guy. But, the amount you quote is really small, and you are doing something against the current american laws even though they are stupid, so why would you want to bring attention to yourself and pay taxes on it?gl

Bleed,
I like your style :thumb: and hopefully we meet some day And this one cracked me up, as true as it is! Maybe at the MJ's SB party. Lota good stuff coming off your keyboard!
KUDOS......

Franky

 

[TJBELL]

I played in a poker stars tourney and ended up taking second winning around $800. I have only started playing (usually just $6 tourney's). I know if you win over a certain amoutn at casino's you have to fill out tax forms, will I need to do anything like that?

OF COURSE I will be claiming the moeny as part of income, but I was just curious if I need to fill out any forms for poker stars?

If you hit a sports wager or parlay for $800, would you claim that too??? :scared

 

[jimmy the greek]

no you don't claim poker winnings on tax returns simply because if you lost 800 would you expect the government to let you deduct it?

 

[Scott4USC]

Even if you won over 100k in a tourney, just put it into neteller and slowly bleed it out.
l

How would you slowly bleed it out? I have a very large sum of money i want to take out and I am sorta doing that with neteller debit card right now. I can only put $1000 max into debit account each day. But how should I bleed it? I just started doing this few days ago. I have around 5k in my debit account now and already withdrew 1k. I still have a lot more to go. So tell me how you would slowly bleed it or what would be best way to do it. Or doesn't matter through debit card? (i hope) Total amount I want to take out is 40k. So it will take min. 40 days since max you can withdraw into debit card account is $1000 each day. Thanks!

 

[BleedDodgerBlue]

really depends on how you want to do it scott. 1k a day isn't bad considering i doubt you need the money that bad anyway all at once. if i were you i would consider opening an offshore bank account. i have one myself which most of my poker earnings goes into. you can google search a million ways to do this and there are plenty of lists of reputable banks.

since most of my money is in neteller and poker sites, i can bleed out a few k a month into my checking for bills and stuff, as i'm quite certain my money is safe where its at.

also, you can definitely put more than 1k a day into your regular debit account. at least i can. not sure why your bank would raise any flags with a 2500 deposit. as long as you didn't do it daily.

i guess what im getting at is you aren't gonna make money in neteller. or any gambling site on your money i.e. interest. but your money is safe there. if you really need a decent chunk like 40k in a quick way, there really is no way to do it unless you go offshore, and even then it gets tricky. but i would definitely look into it if i were you.