The funny thing is i have no patience but for poker i do. I've won more money online then 611 before in a single tourny when i finished 3rd twice. But 1st place is much a sweeter feeling.
I haven't played online before but do a lot of backyard poker. What is buy-in for these kind of tournaments and whats a good poker website?
Oh and congratz on your win.
"Too weird to live, too rare to die" Hunter S. Thompson
Do you have to claim it as gambling winnings to the IRS????
Don't know about the OP but when I've won, the website takes their money up front from the buy-in. They pay you tax free but of course technically you owe the IRS.
Do you have to claim it as gambling winnings to the IRS????
Don't know about the OP but when I've won, the website takes their money up front from the buy-in. They pay you tax free but of course technically you owe the IRS.
Do they send you a G-2 form???? Which is also sent to the IRS??
In other words does the website send the information of your winning to the IRS????
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.
A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported, including winnings` that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.
You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction that is not subject to the 2% limit on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
Even though technically you might be able to avoid taxes on $3,000 you won by claiming $3,000 in bad bets, that's still less than the standard deduction of $5,450 allowed a single taxpayer on 2008 returns. If you have no other deductions to itemize, it doesn't make sense to forfeit the standard deduction's other $2,450 just because you can claim gambling losses.
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
if you don't itemize you could get fucked, because of the standard deduction, but if you itemize, then all the gambling losses would be incremental, thus fully deductable.
Even though technically you might be able to avoid taxes on $3,000 you won by claiming $3,000 in bad bets, that's still less than the standard deduction of $5,450 allowed a single taxpayer on 2008 returns. If you have no other deductions to itemize, it doesn't make sense to forfeit the standard deduction's other $2,450 just because you can claim gambling losses.
I have won a few nice trifectas in my lifetime......
I also found out that claiming losses, equal to winnings, isnt necessarily going to cancel out the tax I owe on my winnings.......
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
Congrats on the win...I made $300 bucks playing online last week. I dont play online too much anymore since I would rather go to Foxwoods and play live tournys. I've won some sit & gos and made quite a few final tables at foxwoods....finished 5th one day won over $700.
I really got back into it recently and had some pretty good tourneys. Last month I came in 6th out of about 1500 in a $50 buy-in and came away with around $3,200. My best payout yet, by a long shot.
24 years old, mid-life crisis
nowadays hits you when you're young
jamminpearls
Posts: 7,078
Comments
That's the only reason I've never played a big tourney. I'd go mad after 7 hours at the pc.
:roll:
Sammi: Wanna just break up?
Sammi: Wanna just break up?
Oh and congratz on your win.
What percentage does the website take??
Does this money get taxed???
Do you have to claim it as gambling winnings to the IRS????
Till there aint nothing left worth taking away from me.....
In other words does the website send the information of your winning to the IRS????
Till there aint nothing left worth taking away from me.....
I dont think your losses necessarily wipe out your winnings.....
I may be wrong here....
But if you claim $3,000 in gambling winnings....Then claim $3,000 in losses....
They are not going to cancel each other out.....
You will still have to pay a certain amount on those winnings....
Till there aint nothing left worth taking away from me.....
you can deduct your gambling losses up to the amount of your gambling winnings.
http://www.irs.gov/taxtopics/tc419.html
The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.
A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported, including winnings` that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.
You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction that is not subject to the 2% limit on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
But it doesnt necessarily cancel each other out....
Again I may be wrong.....
Till there aint nothing left worth taking away from me.....
Till there aint nothing left worth taking away from me.....
I also found out that claiming losses, equal to winnings, isnt necessarily going to cancel out the tax I owe on my winnings.......
Till there aint nothing left worth taking away from me.....
Where I'm not ugly and you're lookin' at me
I really got back into it recently and had some pretty good tourneys. Last month I came in 6th out of about 1500 in a $50 buy-in and came away with around $3,200. My best payout yet, by a long shot.
nowadays hits you when you're young