Do you need to pay taxes on money won playing online poker?

8 Responses to “Do you need to pay taxes on money won playing online poker?”

1. play spades online on March 2nd, 2009 10:59 am

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   i wouldnt, but yes i think its over a curtain amout and i think you are over that.

2. home theater equipment on March 5th, 2009 3:50 pm

   play poker online

   Yes.

3. comic book buyers on March 6th, 2009 9:14 pm

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   Legally yes, any income, even from gambling should be claimed. That being said, I doubt anything would happen if you didnt claim it, as long as you do the rest of your taxes right.

4. home theater equipment on March 6th, 2009 9:55 pm

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   Absolutely. Unlike European countries, the US taxes all income that its citizens make.

   You can deduct any losses you had *this year* against your $3000 gain. I’d recommend going to the IRS website and doing some research on how, exactly, you’d file.

5. funny fortune cookies on March 10th, 2009 4:14 am

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   Yes

6. big brother sex tape on March 10th, 2009 5:44 am

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   Yes.

   According to the revenue code, all sources of money and wealth are taxable until Congress awards an exclusion. The following sources of income are also taxable:

   money found on the ground
   ill-gotten gains
   money made on a press in the basement
   money stolen from a bank
   goods purchased with monopoly money and sold for real (capital gain)

   Exclusions include things like pensions, state and municipal bonds, military hazard zone pay, etc.

7. wine making equipment on March 10th, 2009 9:48 pm

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   i thought they recently made it illegal to play online poker if you are a us citizen. I know my partypoker account will not let me gamble with real money anymore

8. big brother sex tape on March 14th, 2009 1:55 am

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   Legally, yes you do.

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