- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
tax question - gambling
Posted on 5/12/12 at 6:11 pm
Posted on 5/12/12 at 6:11 pm
let's say you make an extra 10-20k a year playing poker, how do you report that on your taxes?
5
Posted on 5/12/12 at 6:15 pm to TheOcean
Whoops, that's W2-G, not 1099-G
This post was edited on 5/12/12 at 6:17 pm
Posted on 5/12/12 at 6:18 pm to Jim Rockford
Posted on 5/12/12 at 6:19 pm to Jim Rockford
how much would you be taxed? I would likely be a student so I'm guessing it's dependent on my tax bracket?
Posted on 5/12/12 at 6:27 pm to TheOcean
You can deduct your gambling losses against your gains.
Posted on 5/12/12 at 6:40 pm to TheOcean
quote:
how much would you be taxed? I would likely be a student so I'm guessing it's dependent on my tax bracket?
It's taxed as ordinary income, so whatever bracket you're in for everything else. As the other poster said, you can deduct losses up to the amount of any winnings, but you have to have them well documented. They're sticklers for that.
Posted on 5/12/12 at 8:33 pm to Jim Rockford
Don't report it.
Posted on 5/12/12 at 9:03 pm to Mercy Percy
how would i get away with that? 
Posted on 5/13/12 at 9:45 am to TheOcean
Um...It's cash dude. If you're making it in home games who cares?
Posted on 5/13/12 at 10:08 am to bunky
I doubt he is making this kind of cash in a home game.
Posted on 5/13/12 at 11:12 am to bunky
Nah, it's all online. The cash outs are all checks, so i'm not sure how that would work
Posted on 5/13/12 at 11:56 am to TheOcean
Cash check instead of depositing, problem solved.
Posted on 5/13/12 at 12:26 pm to TheOcean
quote:
Nah, it's all online. The cash outs are all checks, so i'm not sure how that would work
How are you doing this online? Didn't most of the sites shut down in the US?
Posted on 5/13/12 at 12:54 pm to foshizzle
There's still a ton of sites that allow U.S. players. most of the banks that back up the sites are in Asia, so when you cash out you'll likely receive a check from singapore.
the games are still extremely, extremely profitable if you're looking to get back into it
the games are still extremely, extremely profitable if you're looking to get back into it
Posted on 5/13/12 at 1:02 pm to TheOcean
I have been gambling (sports not poker) with some good ole boys based in Cenral America and the Netherlands Antilles for the past 6 or so years. Good times.
Posted on 5/13/12 at 1:17 pm to TheOcean
quote:
Nah, it's all online. The cash outs are all checks, so i'm not sure how that would work
I'm assuming you don't meet the threshold for the online site to issue a W2G, or else since it's offshore, they just aren't complying. So now, how to convert those checks into tax-free money in your pocket. If you deposit them in your bank, you run the risk of the bank reporting you for unusual activity on your account. I guess you could get around this by finding someone to cash your checks for you, either an individual or company. Then keeping the proceeds in cash and avoid putting it through the banking system at all.
As long as you don't get caught, you're golden. If you do, and that is a possibility, although I can't assign a percentage to it, you face tax evasion and money laundering charges. You have to ask yourself if avoiding a few thousand dollars in taxes is worth it.
Posted on 5/13/12 at 4:01 pm to Jim Rockford
I'm pretty sure the sites don't even isses W2Gs. What if i did this in $500 increments, would the banks likely catch on?
Posted on 5/13/12 at 4:02 pm to TheOcean
what site you play on?
Posted on 5/13/12 at 4:11 pm to Walt OReilly
bodog, merge network
Posted on 5/13/12 at 4:40 pm to TheOcean
quote:
. What if i did this in $500 increments, would the banks likely catch on?
Probably not, but you never know. It could be that these sites are on some kind of list that triggers an alert when you cash a check from them. The feds have used 9/11 as an excuse to get all up in the banks business with their customers. For instance, when you opened an account, they asked a bunch of questions that they didn't used to. So they know you're a student. Now you're depositing these checks regularly. Why is that? Where do they come from?
Just throwing some things out there for you to consider. If, as a student, you don't have much other income, the taxes on this are not going to be very high at all after exemptions and whatnot. And the downside is that you could go to prison. Doesn't seem worth the risk, IMV.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News