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Server Time: 11/23/2008 4:38:53 AM PACIFIC |
 Poker Legal Question, blachjakk, 5. Nov 2003 09:43 | ||
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| I live in a state where playing poker online is illegal. And while there have been no prosecutions to my knowledge I want to try and keep as out of trouble as possible. In the near future i am looking to make some sizeable withdrawals from my online poker accounts so that i can invest them elsewhere and I fully plan on declaring the income on my taxes. How do i pay the taxes on this money to get the IRS off my back in case of an audit, while not admiting to partaking in any illegal activity? Do i need to talk to a lawyer or an accountant? Is there anywhere I can turn for advice? Any suggestions would be greatly appreciated. | ||
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| Re: Poker Legal Question, gary ford, 5. Nov 2003 10:07 | ||
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| on 5. Nov 2003 09:43 blachjakk wrote: > I live in a state where playing poker online is illegal. And while there have > been no prosecutions to my knowledge I want to try and keep as out of trouble as > possible. In the near future i am looking to make some sizeable withdrawals > from my online poker accounts so that i can invest them elsewhere and I fully > plan on declaring the income on my taxes. How do i pay the taxes on this money > to get the IRS off my back in case of an audit, while not admiting to partaking > in any illegal activity? Do i need to talk to a lawyer or an accountant? Is > there anywhere I can turn for advice? Any suggestions would be greatly > appreciated. The leading expert in this area is professor Nelson Rose. He can be reached at Cardplayer magazine. Cardplayer.com or directly at--- rose@sprintmail.com > > | ||
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| Re: Poker Legal Question, ReMMy, 5. Nov 2003 10:32 | ||
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| Somewhat of a catch22. However I believe there are laws (silver platter) or something, that prohibits the IRS from handing you over to the "law" because you declare the income. I also doubt they will question where you got it. You could go play poker where its legal and you're still supposed to declare it. http://www.cardplayer.com/?sec=afeature&art_id=12103 http://www.cardplayer.com/?sec=afeature&art_id=61 As I'm about to send this I see Gary has already refenced the same stuff, but since I already copied the direct links to 2 good articles I'll post anyways... If those don't answer your questions you could probably contact the author (Nelson Rose) directly... | ||
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| Re: Poker Legal Question, spawgan, 28. Dec 2003 01:26 | ||
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| I am here to inform you that the IRS will in a heartbeat report unexplained income to other law enforcement agencies. This is one of the easiest way DEA and FBI agents identify potential drug deals, bookmakers, loan sharks and money launderers. I have defended many people that were not careful with their returns and there seemed to be unexplained income and then became the targets of a criminal investigation. Just FYI | ||
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| Re: Poker Legal Question, hokie95, 5. Nov 2003 11:51 | ||
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| Well, I am certainly not giving you legal advice (a required disclaimer so that I can keep my job, among other reasons) but here are some of the issues you need to consider if you are declaring the income: (1) Likely, your state will tax the income from gambling as well. I don't know what state you are in (and I'm not asking), but if you have to declare it on the state (and possibly local/city return) whether the IRS turns you over is irrelevant. (2) If the state does tax gambling winnings (most do), you won't check a box that says "Internet poker income" on the state form. There might be a line for Misc. income or gambling income, but rarely is it that specfic such that you would have to worry. (3) If you do declare it, unless your state audits you, no one will know if you went to Vegas and gambled and won or if you went to www.rakefreesyouofyourmoney.com and actually got paid. In short, even declaring it on a state return does not lead inescapably to you being exposed to the state's probably never enforced intenet poker ban prosecution. (4) A really bad option is not declaring it. That could conceivably lead to tax evasion type charges. You know, the only thing they can ever nail mob bosses on. Why is that what they get them with? It's easy. You made money, even through an illiegal means? Gotta report it. In sum, I wouldn't worry about it too much. -Hokie95 | ||
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| Re: Poker Legal Question, Waddy, 5. Nov 2003 14:43 | ||
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| As far as taxes go from poker winnings, at what amount should you start claiming them? I cash out quite often during the week, usually anywhere from $100 - $1000 at a time. Is there a minimum amount for claiming them? | ||
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| Re: Poker Legal Question, Dr_Monkey, 7. Nov 2003 08:30 | ||
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| Not an expert, but gross income is defined by the IRS as any income from whatever source derived. So you have to have to include ALL of your gambling winnings. on 5. Nov 2003 14:43 Waddy wrote: > As far as taxes go from poker winnings, at what amount should you start claiming them? I > cash out quite often during the week, usually anywhere from $100 - $1000 at a time. Is > there a minimum amount for claiming them? | ||
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| Re: Poker Legal Question, shorn, 7. Nov 2003 11:58 | ||
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| I am no lawyer or tax attorney. But I say F the goverment and keep your winnings. They already take enough. | ||
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| Re: Poker Legal Question, Alan Merriam, 27. Dec 2003 23:06 | ||
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| on 7. Nov 2003 11:58 shorn wrote: > I am no lawyer or tax attorney. But I say F the goverment and keep your winnings. > They already take enough. Don't you like roads, police, street lights? Don't be a mooch. Pay your fair share | ||
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| Re: Poker Legal Question, Big_Slick, 28. Dec 2003 10:24 | ||
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| Just categorize it as gambling winnings on your tax return. You don't have to specify where, when or how you won it. | ||
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| Re: Poker Legal Question, SmallFeesh, 28. Dec 2003 15:25 | ||
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| does everybody who puts money in a slot machine declare when they make $100?? does ANYBODY? or at a black jack table... or craps?? i wouldnt worry about it... | ||
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