Paying Taxes on your Online Winnings

jaeh00d · #1 02-02-06, 10:46 AM

well i think ive worn a sweater/jacket maybe 5-6 times this winter

PShabi · #2 02-02-06, 10:58 AM

Yes, it's been cold. We'll survive!

melioris · #3 02-02-06, 11:33 AM

Whatever Canadians. You could have been someone but then you threw it all away. You had potential, but now you won't get out of our shadow until global warming causing a northern shift in the location of fertile farmland. But that is hundreds of years away. In the meantime, enjoy your new Bush-lite leader.

So, as a thought exercise, lets say you are a small time online poker player, mostly as a hobby. You cashed out around $3000 of profit last year. If you declare this on your Federal forms, what do you do for the state? I appreciate that each state is different, but because it is internet profit, do you have to pay any state taxes on it?

jaeh00d · #4 02-02-06, 11:35 AM

[quote=melioris]Whatever Canadians. You could have been someone but then you threw it all away. You had potential, but now you won't get out of our shadow until global warming causing a northern shift in the location of fertile farmland. But that is hundreds of years away. In the meantime, enjoy your new Bush-lite leader.

LMAO.. fuck those canadians...

GeoffM · #5 02-02-06, 01:44 PM

Now now, lets not turn this political.

PS: I'm going to Cuba in April, any Yankees care to join me

?

PShabi · #6 02-02-06, 12:18 PM

I believe it's only taxed at the Federal level. There is no state income tax in Florida, for anyone.

Talking Poker · #7 02-02-06, 12:20 PM

This is good for us, but most places in the U.S. have State AND Local Income Taxes. Suckers....

In PA, I had to pay 3.2% state and 2.0% local, as I recall. That's an additional 5% of my income out the window every single year. Moving to Florida was like getting a raise.

Florida rules.

melioris · #8 02-02-06, 04:14 PM

I am in New Hampshire, another no state tax state. But, as I plan to move sometime soon, figured I should ask. Florida may be all warm and shit, but up here our motto is LIVE FREE OR DIE-right on our license plates. Worth living in the state just for the motto.

Also, I love threads like this. Paying taxes on winnings, proper bankroll management, shit like this can be just as important as the cards you play and it is a great reminder to be working on this aspect of the game just as hard.

PShabi · #9 02-02-06, 06:45 PM

That is a hell of a motto. Being educated in the tax laws becomes very important as you start to make more significant income from poker. Serious players should probably hire a professional.