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Poker Year End Question Poker Year End Question

03-01-2015 , 06:13 PM
This question is in general so forgive if it is in wrong spot but I feel it is a question that needs to be asked and that others may get something from.

Many today play online poker and sports stuff etc etc. We have Draft Kings and Fandual's at every corner of the net. Recently, I was asked by a lady if you could file your taxes at year end as a poker player or online poker player considering that most states do not allow for poker and the impending doom of the scarey internet gaming laws, etc, etc.

Well, my question to the community is if a player files his taxes at year end as not a POKER PLAYER but as a professional gamer (which could/would) include any and all contests, game(s) play, etc, etc... will this suffice? (in USA I forgot to mention)

I mean say you wanted to buy a home or make a real estate purchase. You would need (among other things) Credit + 2 years of W2's and/or Tax Returns. So filing as a Self Employed (not poker player but gamer) and after all write offs claiming your income to the Gov't and paying taxes... would there be anything wrong with this? I mean many don't make much or enough and therefore are not filing their small poker winnings etc but then you have a smaller base of players who def play for a living but filing their taxes as an online poker player may be not only controversial but illegal.

So this brings me back to my initial question which is .... is it proper or correct to file taxes in USA as a Gamer and if so is that the solution for a winning player desiring to be a productive member of his/her society?

Thank You.
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03-01-2015 , 06:56 PM
Online poker players don't need to file as any sort of "poker player". Professional poker players can just file as a "professional gambler" - that's the correct classification in the eyes of the IRS. This also avoids any questions about the legality of online play for your jurisdiction.
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03-02-2015 , 06:26 AM
Well I like this answer but can you tell me Xanadu ...is that legal? I mean I thought being a professional gambler outside of Las Vegas, NV was not all the way legal?

Thank You very much!
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03-02-2015 , 07:59 AM
Quote:
Originally Posted by rawbillyice
Well I like this answer but can you tell me Xanadu ...is that legal? I mean I thought being a professional gambler outside of Las Vegas, NV was not all the way legal?

Thank You very much!
I've never heard of that. You can file federal taxes as a professional gambler regardless of your state of residence. I've never heard of any state law against being a pro gambler for tax purposes. There may be instances where the gambling you do is illegal in the state you are in at the time. Here is a good synopsis:
http://www.gambling-law-us.com/State-Law-Summary/

Under federal laws and IRS rules, you still have to pay taxes on your income even if the source of income is illegal.

You'll probably find this useful as well:
http://www.gambling-law-us.com/Artic...mbling-tax.htm
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03-03-2015 , 01:45 AM
TY so much Xanadu!
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