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sia_fu
Joined: 31 May 2007
Posts: 9
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 Posted: Tue Sep 04, 2007 8:45 pm Post subject: Taxes on winning poker games |
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| How are the poker players winners taxed on their winnings we see on TV? I understand professional players are required to file tax returns and pay taxes, but what about the amateurs? |
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frry
Joined: 09 Apr 2007
Posts: 11
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| Posted: Wed Sep 05, 2007 6:29 pm Post subject: |
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It is taxed as regular earned income, you fill out a form and claim it on your taxes. Billy Baxter who is a pro poker player is famous for his court case to have money won from playing poker classified as earned income. Because at the time it was being taxed at a higher bracket, Baxter's case was that just like a football player or hockey player, poker players make there money the same way, so it should be taxed the same way as other pro sports players. He won the case so it is now earned income and must be reported ti the I.R.S. There are many online sites
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where you can find much details about poker games and also the percentage of taxes applied after winning. |
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christopher
Joined: 28 Apr 2007
Posts: 13
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| Posted: Thu Sep 06, 2007 6:39 pm Post subject: |
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| You must pay taxes on all winnings, professional or amateur. If you earn money in the United States, you are required to report it to the IRS. |
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James
Joined: 11 Jul 2008
Posts: 6
Location: Oklahoma
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| Posted: Fri Jul 11, 2008 1:19 pm Post subject: |
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Would be great though if you didn't have to pay taxes on winning $15 Million at the WSOP. 
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Life is like a game of poker: If you don't put any in the pot, there won't be any to take out. |
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aksana
Site Admin
Joined: 22 Jan 2007
Posts: 303
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| Posted: Tue Jul 15, 2008 3:32 pm Post subject: |
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yes, paying taxes is always difficult problem 
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