I meant deposited. I still go home fairly often and my parents go home very often so they could just pick it up

Technically its not illegal to play online poker. The illegal part is the sites operating them and the way they issue payments. As far as taxes go its your job to report your winnings to them. Whether they find out or not is anybody guess.

Yeah, I understand that the sites are what is illegal, not the fact that im playing them. I also understand that i have to pay taxes on my winnings.

Someone here must have filed taxes on their Bovada winnings.

For anyone who has filed taxes on Bovada winnings, what'd you say the money came from?

http://www.pocketfives.com/articles/tax-qa-585513/

You say you understand that its not illegal but yet you still speak as if it is. You file them as exactly what they are, gambling winnings. There is no need to hide or be paranoid about any of this. Good luck.

Hi,

it's relatively easy. you can turbo tax it even. i'm not an accountant but here it goes...

1. accts over 10k must be reported to irs as fba. Do this if ur balance is over 10k at any point.

2. a professional poker player would use tax code 713200. irs considers you a pro if the 'majority' of your income is from poker.

3. If you just make money that is a minority of your income your file as a hobbyist. So you'd have your normal job income reported then 'extra' 'other' income. A hobbyist actually has stricter rules and are not allowed to 'net' wins and losses.

BOOM!

that's the main arc of it. but i could be wrong so don't take it in stone/ just understand that it is easy.

also legal and illegal irs does not care. this is called silver platter doctrine. for example if I murder children as an occupation and recieve 100k per child murdered I have to file that with the irs and they are not allowed to turn me into police.

Source?

Irs doesn't care if you're dealing drugs. They want their cut. I don't have the link off hand but I screen shot these from the irs website.



That being said gambling online is not against the law and the money you win is filed under other income "gambling winnings" the same as it would from a Casino.

Also if you keep or have kept more than $10k on your account anytime thru out the year you are required by law to file an FBAR. And they can fine you if you don't.

http://www.taxabletalk.com/2014/06/0...cial-accounts/

Also thought this was funny when I saw it... Read the very top line from this screen shot from the IRS about bribes. Lol

Awesome. Thanks for the responses guys! Was just cruious and this info is helpful should i actually run up my account.

Cheers!

sure thing. ill try to give you a source but watching a movie now. i remember it saying overwhelming majority or majority.

im not an accountant and could be wrong. just trying to tell the new poster that poker players are good people who pay taxes and it's relatively simple even if you mildly screw up it's better than not paying

Gotta love the IRS. One of the biggest gangsters in the US.

Oh and btw the guy who wrote that article about FBAR is a guy named Russ Fox. He's actually a member of 2+2 and does tons of tax preparation for plenty of professional poker players every year. And he is extremely reasonably priced and very knowledgeable when it comes to gambling and taxes. He's in Vegas but can do everything via online and will file your FBAR for you if needed.

I used him last year and was pretty happy with him. My taxes are semi extensive as well so...

Make sure you get advice from a tax professional and not rely on our advice.

Here is a link to Russ' website.

http://www.claytontax.com

No problem. I just questioned it because as far as I ever knew, and everything I have ever seen indicate that is isn't quite that simple. In fact, its actually very ambiguous as to what qualifies a player as being a pro. The point you mentioned is indeed something that would be a factor in making that determination, but its hardly conclusive.

From the article I linked above, which I feel has some pretty solid information on the topic...


Honestly, the only thing that Ive learned over the years that seems to be a consensus, was that the burden of proof seems to lie more squarely on those that wish to claim pro than those that don't FWIW.

I'm no expert here either though so I don't know. If you do have a IRS statement like that it would make it black and white which would be good. If you can find it post it, if not no big deal.

Anyways, end payout thread tax hijack FTW.


Yeah. If you post tax questions in the poker legislation section Russ will sometimes pop in and help, as least he used to fairly often IIRC.

i have 2 accountant friends and they feel they are scarier than the mob. Ive heard some crazy stories of people in debt 1/3 of a million to the irs and THAT IS THEIR LIFE. No vacations, nothing. The debt also increases about 30% per year after interest and penalties which is why IT IS THEIR LIFE.

Don't do it. They have complete visualization over all of your assets. If you are driving a ferrari and have not filed last 2 yrs or report 20k income it's a cinch for them. they love poker players too as it's an exotic profession.

Crisis almost averted. My request through vff to my debit card was approved late last night. Will update when the funds are in my account.

FYI:

Check Request 11/30
Approved 12/01
CIH 12/11 - from north

VFF

Req 12/4
Rec 12/11

Thanks so much for all of the help and information! This is exactly the type of advice I was hoping to get. I'll def check him out and at the very least will get advice from a tax professional.

Yup. It's very tricky and was just trying to simplify it for the poster. For example you can even claim "pro" if you lose money in a year. But your stuff from irs website explains it more clearly. it's so complicated tho that's why accountants exist. Even if I was able to find the sentence about "majority" of your income that would not make me right as I am not in a position or have the knowledge and background to say that in stone. but i feel i made it clear to someone new to the field of poker tax.

end tax talk/

On a more important note, I just got tracking for my first NJ bovada payout CHECK arriving monday (req 12/1 app 12/2).

Should be interesting to see how this goes as there are very few if any NJ withdrawing players in this thread as all accounts are NO Deposit. Also no new accounts,,, you must be grandfathered in and have a history with the bow.

VFF

Request $500 on 12/7
Accepted 12/7
Processed 12/9
Received 12/12

No issues

Chk

Requested: 12/3
Rcvd: 12/12

my 3k check arrived today (saturday) which is unusual but nice!!!

The check also looks like other 'north' checks i've received with the classic 'watermark' and fraud protection colors'\

super thankful i still get bow checks in nj... would suck as i can not play on merge and am working on getting my remaining balance sent to nj which is a headache to say the least..

Now i just have to put some money on 888 and borgata nj to maximize this although i have no freaking idea how i will be able to play more than 4 ultra short flhe tables at once. i understand guys who play 8 tables of nl or plo, but when you are seeing flops much faster and more simultaneously in my games...

sucks cause i'm smart but not smart enough to constantly monitor 4+ flops at same time. wrong thread i know oh well....

How long does it usually take for a check from them to clear?

hi , Can I get a new card to your output paykasa card do you mind if I can pay with the card that came over ukash The official site http://www.paykasa.org of this seems

Depends if it goes to collections or not. I deposited mine with a large mega bank and the funds were available the next day.