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What are the tax implications If I were to win say, $100,000
playing online poker, I know
the government wants to tax me
on that. What happens if I
don't withdraw the money from
my account? Do I pay taxes on
it? What if I withraw just a
little bit at a time over
several years, do I have to
report it?
I am in the U.S (Virginia), by
the way.
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This is income from gambling. You must report it and you will be taxed accordingly. It doesn't matter how you withdraw it. You will receive a W2-G which will how your winnings and that must be put on your Form 1040. If you had any LOSSES, you can deduct that, but only up to the amount of your winnings. So if you lost $1000 you can deduct $1000. But if you lost $105,000 you can only deduct $100,000. |
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What would you recommend as a Preferably something that I
can find online, I've found
most of the tips offered on
sites but i'm looking for a
good in depth read covering
all aspects of the online
poker world. SnG, MTT, Cash
tables etc.
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For tournanments I've been reading Harrington on Hold 'Em, it's the best tournament book I've read. |
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How do taxes work for winnings If you win $50,000+ from an
online poker/gambling site
based outside the US, is there
any way to cash out the money
without having to pay taxes?
If not, can someone explain
how taxes would work?
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You may want to contact a tax specialist or CPA, but my understanding is that since online gambling is illegal your only option for taxes is to report it under "other income earned" on a tax form. It's like a catch 22 since it's illegal earnings, but yet the government also wants to tax those illegal earnings. I've heard advice of getting an account with an offshore bank and taking out cash from an ATM so that it's not as tracable if you were audited. You might lose a % with fees and such, but your best bet may be to keep it in cash so there aren't as many paper trails to follow. If you do end up paying taxes on it you would pay in the high bracket like a lottery winner, upwards of 35% I believe. My advice, if you're really making that kind of money you're either good or lucky. In either case look into a trip to Vegas and keep everything legal so you can enjoy your winnings to the fullest without worrying about the FBI knocking down your door. |
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What are some unique tips for Other than the standard green
color, what are some paint
colors and decorating themes I
could use in my poker room?
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A lot depends on the size of the room. If it's a small room, I wouldn't go with a dark color on the walls. It will make the room seem even smaller. You can use a dark color on one wall for an accent wall and maybe paint a mural of a winning hand (like a royal flush) on that wall to break up the dark color. If you have a poker table, try using the color of the felt for your accent color. I've seen them in various colors. Try highhanddesigns.com for accents for your walls. (or at least get some ideas for them) |
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How can I get passwords for Is there a website that list
passwords for tourneys from
many poker forums?
Does someone who is involved
in a lot of poker forums want
to become my friend?
Anyone have any advice?
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By advice do you mean poker advice? if so you can contact me on my site. For any poker needs, tips, advice, strategy. take care, |
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