Comments on: Do You Need To Pay Taxes On Money Won Playing Online Poker?

By: ?

Sun, 06 Dec 2009 20:44:45 +0000

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.

By: llm

llm — Sun, 06 Dec 2009 20:02:51 +0000

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

By: Judy

Judy — Sun, 06 Dec 2009 15:00:49 +0000

Yes

By: helly71

helly71 — Sun, 06 Dec 2009 12:58:58 +0000

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

By: crimson

crimson — Sun, 06 Dec 2009 06:09:01 +0000

Legally, yes you do.

By: margiems…

margiems… — Sat, 05 Dec 2009 23:09:42 +0000

Yes.

By: ?

Sat, 05 Dec 2009 19:44:18 +0000

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.

By: ?

Sat, 05 Dec 2009 18:47:25 +0000

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.