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09-22-2008 , 11:33 PM
#1
KashHunt's Avatar
KashHunt
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centurion
Join Date: Dec 2005 Posts: 184
Hello,

I have 2 tax questions in regards to poker (In U.S.):

1) When you cash in a poker tournament, say $20,000 in profit, how much of that do you pay in tax?

2) A friend of mine recently cashed out $2000 from an online site, how does he go about paying taxes on it (non professional)??
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09-23-2008 , 03:52 AM
#2
Honey Badger's Avatar
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veteran
Join Date: May 2008 Posts: 2,235
the answer to question one is: it depends.

Based on the questions you asked it would be best to send your friend to a tax professional.
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09-24-2008 , 02:36 AM
#3
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flight risk
Join Date: Sep 2002 Posts: 5,815
Quote:
Originally Posted by KashHunt
Hello,

I have 2 tax questions in regards to poker (In U.S.):

1) When you cash in a poker tournament, say $20,000 in profit, how much of that do you pay in tax?

2) A friend of mine recently cashed out $2000 from an online site, how does he go about paying taxes on it (non professional)??
To answer both questions, as mentioned many many many times in this forum, you generally report winning SESSIONS and deduct losing ones.
Cashouts mean nothing.

If you haven't been keeping track of sessions duck and cover.



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