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Claiming poker winnings

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07-19-2015 , 11:50 AM

Nightstalker

newbie

Join Date: Jul 2015 Posts: 30

Do you ever have to claim any poker winnings that are attained from playing in casino live games? I'm not counting bad beat jackpots, tournaments, etc., only winnings from your day in and day out poker play.
Nightstalker

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07-19-2015 , 12:10 PM

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

Yes. Read the US Taxes Sticky:
http://forumserver.twoplustwo.com/57...-poker-740589/

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08-29-2015 , 12:20 AM

Poker Clif

Pooh-Bah

Join Date: Jan 2007 Posts: 5,806

Quote:

Originally Posted by Nightstalker

To put it simply, all income is taxable in the US income with very few exceptions, such as military pay earned in a combat zone.

If you get paid $50 as a wedding singer, it's taxable. If you sit down with $200 at a cash game and cash out for $500, you have $300 of taxable income. If you sell drugs on the street corner and make $1,000, that is taxable income.

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08-29-2015 , 10:39 AM

Doc T River

Master of the Edit Line

Join Date: Sep 2007 Posts: 13,059

I will be asking the casino if they do, but do you think the casino should send out a 1099 at the end of the year even if none of my tournament cashes are above x dollars, but the cumulative is?

I am definitely keeping track of my earnings and have been keeping the paperwork I get for my tourney buy-ins.

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08-29-2015 , 11:24 AM

cantstop

enthusiast

Join Date: Nov 2009 Posts: 84

Quote:

Originally Posted by Doc T River

I will be asking the casino if they do, but do you think the casino should send out a 1099 at the end of the year even if none of my tournament cashes are above x dollars, but the cumulative is?

How would the casino know what your total buy-in is and what your cash-out is for each session?

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08-29-2015 , 02:13 PM

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

Quote:

Originally Posted by Doc T River

No. The only requirement of the casino by the IRS for poker winnings is to issue a W-2G Gambling Winnings for any player which has a tournament payout of over $5K net (payout less the amount of buy-ins). The W-2G would be issued at the time of each such payout, not at the end of the year.

On occasion, a casino may incorrectly issue a 1099-Misc in place of the W-2G. It would be a big mistake for one to issue a 1099 for cumulative wins.

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08-29-2015 , 03:47 PM

Doc T River

Master of the Edit Line

Join Date: Sep 2007 Posts: 13,059

Quote:

Originally Posted by cantstop

How would the casino know what your total buy-in is and what your cash-out is for each session?

We are talking tournaments, not cash games.

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08-30-2015 , 06:55 AM

cb92

centurion

Join Date: Aug 2014 Posts: 145

If you won enough at a tournament for them to give you a tax return (I think it's $5k+) but are under the minimum amount of total income for having to file a tax return, what happens then? In other words, someone without a job cashing at a tournament.

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08-30-2015 , 07:00 AM

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

Quote:

Originally Posted by cb92

The casino will file the W-2G for your payout with the IRS. You'll probably want to file a tax return for the year even though you won't owe taxes, just to show the IRS why you aren't paying taxes on your winnings. The W-2G goes under Misc. Income on your Form 1040, unless you are filing as a pro player.

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