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.
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.
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
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.
Welcome at Pokerasdf! Find your poker infomation. We listed some intresting books for you to read here! Also if you have some poker questions you can see some poker questions and answers here!
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8 Responses
?
December 5th, 2009 at 6:47 pm
1Yes.
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.
?
December 5th, 2009 at 7:44 pm
2Legally 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.
margiems…
December 5th, 2009 at 11:09 pm
3Yes.
crimson
December 6th, 2009 at 6:09 am
4Legally, yes you do.
helly71
December 6th, 2009 at 12:58 pm
5i wouldnt, but yes i think its over a curtain amout and i think you are over that.
Judy
December 6th, 2009 at 3:00 pm
6Yes
llm
December 6th, 2009 at 8:02 pm
7i 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
?
December 6th, 2009 at 8:44 pm
8Absolutely. 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.
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Welcome at Pokerasdf! Find your poker infomation. We listed some intresting books for you to read here! Also if you have some poker questions you can see some poker questions and answers here!
You can find here questions like where what is the best place to play poker online. Or have more specific poker questions about free facebook poker chips or just want to know some poker technics. How to calculate the change to win a flop or how to convince a player. You can also find here some question how to make a living with poker.
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