Paying Taxes on your Online Winnings

[junYUN]

to be honest i'm not going to report my winnings... i'm really not too worried about it.

maybe im just dumb

[GeoffM]

My apologies, I should have been clearer.
In the U.S., casinos only take down information if you win more than $1.2K, so technically you could walk out of a casino with $1,100 in cash and not have any paper trail at all. Not that you should cheat on your taxes, but I find it hard to think most of you guys would go home and write down that triple 7 you hit on the slots as income, when the cash is sitting in your pocket. "It ain't cheating if you don't get caught" is the saying I refer to.

[GeoffM]

[PShabi]

If I was in the same boat as you, I wouldn't be posting about it on a website. The IRS doesn't fuck around.

[Talking Poker]

BTW, every single word shabi wrote in this thread is correct, so rather than retype it all, I'll just say to go reread his posts.

The lawn mowing and ass raping examples and everything - All 100% accurate.

[holdemstewart]

So it really DOES suck being canadian? hmmmm...lol

[Dodoubled]

TP;
This may have been discussed before, and sorry if it has, but:

How did they handle your winnings at the WSOP last year, in terms of taxes? Did they chop a lump off right there, make you fill out a form, or what?

[Talking Poker]

Quite frankly, it was a mess... but only because I had someone back me. See, he's getting half of what I won, but they filled out a 1099-G with my name on it, meaning I'm getting taxed on the whole thing. There are partnership forms and whatnot that you can fill out, but he's in a way high tax bracket and wanted me to pay the taxes on the whole thing and then he'd reimburse me. I think this is ok, but it leaves a messy lookinmg paper trail and blah blah blah...

Had this been "normal" circumstances, I'd just be adding 44k under my gambling income and the rest would work itself out.... that's easy enough.

[GeoffM]

Yes, if you like paying taxes on everything, I suppose this statement is correct.

[PShabi]

Or being really pasty white, cold, drunk..............

[Robbie Robb]

I'm not that pasty...

[GeoffM]

Actually, we have had probably about the warmest winter in years. We are seeing daytime highs of 4-8 celsius (not sure what that means in Farenheit). It hasn't snowed in 3 weeks.

[PShabi]

Basically, your ass is grass and the IRS is the lawnmower!