Quote:
Originally Posted by Dying Actors
who says this?
Tax issues are discussed in the Poker Legislation forum. All of the following are asked, by US players, on a regular basis:
Why do I have to pay taxes?
Do I have to pay taxes on my poker winnings?
What if I don't know how much I won?
What if I don't keep any records?
Will they find out if I don't declare my poker income?
I understand they can track what I do online, but it's OK if I don't tell them what I win in a casino, right?
Can I move to another country to avoid paying taxes? (Yes, that one actually comes up frequently.)
By the way, for US players that might not know, the answer to these questions is as follows:
ALL income is taxable, whether it's a paycheck, poker winings, the lottery, or cash income for a music gig. Even illegal income is taxable--the IRS doesn't care what you did, they just want their cut. If you doubt that, Google "Al Capone" and "tax evasion".
And no, leaving the country won't work, US citizens have to declare income earned in a foreign country.
All questions about this topic should go to the Poker Legislation forum, you will find tax threads there. Or you can PM me if you want.