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Taxes

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09-19-2015 , 03:07 PM

FalseFace

newbie

Join Date: Sep 2015 Posts: 17

Hello,

I recently won $1500 on an online slot machine on PartyPoker. Will PartyPoker be sending me tax papers (as a casino would give you on a handpay)?

I am wondering how that works - and of course - how does one pay taxes on poker? Do you just take your profits and go off that, or is it some stupid "session-based" calculation?

Thank You,
FalseFace

09-20-2015 , 12:36 AM

ghost_of_m

grinder

Join Date: Aug 2014 Posts: 658

Quote:

Originally Posted by FalseFace

Pretty sure this is done on a net win basis at the end of the year. Somebody complained about having a million tax forms sent to them last year, for big bet games. I think the threshold is $1199. But either way, pretty sure the lot come at the end of the year.

09-20-2015 , 03:27 PM

PokerPunFun

journeyman

Join Date: Dec 2014 Posts: 208

You will Def get a tax form on your $1500 win. Its the same as if you won $1500 on a single spin at aNY ac casino.

You will, however be able to write off any net losses for the year up to the ammount you won.

If you were playing 1k hands of blackjack, for example, you would also receive a tax form for every single hand you won.

09-20-2015 , 07:59 PM

ghost_of_m

grinder

Join Date: Aug 2014 Posts: 658

Quote:

Originally Posted by PokerPunFun

Ugh, that's kind of the worst. I thought they were looking to change that rule, but I guess it's still the same way it was last year.

Seems like betting big is more of a nuisance than anything.

09-21-2015 , 01:36 PM

PokerPunFun

journeyman

Join Date: Dec 2014 Posts: 208

Quote:

Originally Posted by ghost_of_m

Ugh, that's kind of the worst. I thought they were looking to change that rule, but I guess it's still the same way it was last year.

Seems like betting big is more of a nuisance than anything.

It's Def a pain, but still better than wsop/888 where any win over 1199 you don't receive in your account until they you return the completed documents and they are approved.

This is all assuming 5 hat nothing has changed in the last 3 months or so. I suppose it's possible it may have.

09-22-2015 , 12:43 PM

poorme

grinder

Join Date: Apr 2015 Posts: 506

Quote:

Originally Posted by PokerPunFun

what documents could they want? just curious as we already have to give our social to the sites upon signup

09-22-2015 , 12:48 PM

PokerPunFun

journeyman

Join Date: Dec 2014 Posts: 208

You have to fill out name adress, social on a wg form and sign it.

In my experience, it takes 12 hours to receive the basic form with the win ammount filled out. You have to print it, fill it out and sign, then scan and return.

Then wait a day or 2 for them to approve and release the funds to your account.

09-23-2015 , 05:36 PM

poorme

grinder

Join Date: Apr 2015 Posts: 506

Quote:

Originally Posted by PokerPunFun

thanx. basically they want copy of physical signature on a tax form

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