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04-17-2008 , 05:34 AM
#1
klipper
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stranger
Join Date: Apr 2008 Posts: 4
I've never made a withdrawal off the poker site so forgive me. If I live in the US, but the site is offshores, do I still have to pay taxes on my withdrawals? Does it matter in what amounts I withdraw? And lastly, if I have to pay taxes on it, what amount do I start owing taxes on and are there any creative ways around it? Thank You.
pardon my tax ignorance Quote
04-17-2008 , 08:25 AM
#2
Niediam
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Carpal \'Tunnel
Join Date: Jan 2005 Posts: 6,092
Yes you owe taxes on your poker winnings regardless of where the site/casino is located.

All your winning sessions are income regardless of if you withdraw or not. (You have the option of itemizing your deductions and then deducting all losing sessions up to the total of your winning sessions.)

Assuming you are filing anyhow you need to report your all your gambling winning sessions even if you play once and win $1.

No legal ways around it. Illegal things are not discussed here.
pardon my tax ignorance Quote
04-17-2008 , 02:34 PM
#3
Rainbow Warrior's Avatar
Rainbow Warrior
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flight risk
Join Date: Sep 2002 Posts: 5,815
Klipper
Judging by your 3 posts this morning you're hoping off shore income is non taxed.
Think of all the $$$ manuevering if this was allowed.(not just for poker)
Most people in most countries owe taxes on their world wide income.

Taxes on poker for US residents is especially effed up.
Check the threads in this forum to see that.


Some info in these links:
http://twoplustwo.com/magazine/issue38/elsner_0208.php
http://www.taxabletalk.com/gambling/
http://www.gambling-law-us.com/Artic...mbling-tax.htm
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04-17-2008 , 10:35 PM
#4
klipper
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stranger
Join Date: Apr 2008 Posts: 4
Quote:
Originally Posted by Niediam
Yes you owe taxes on your poker winnings regardless of where the site/casino is located.

All your winning sessions are income regardless of if you withdraw or not. (You have the option of itemizing your deductions and then deducting all losing sessions up to the total of your winning sessions.)

Assuming you are filing anyhow you need to report your all your gambling winning sessions even if you play once and win $1.

No legal ways around it. Illegal things are not discussed here.
Both you and the other response I got helped me out tremendously. Thank you very much.
pardon my tax ignorance Quote
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