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Poker Legislation & PPA Discussion hosted by Rich Muny Discussions of various poker-related laws and steps players can take to push for better laws.

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Old 02-10-2019, 06:32 PM   #1
djevans
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If you don't turn your chips into cash do you pay taxes on it?

I have a box at a casino and keep it full of chips - I don't usually cash in the chips. If I don't cash in the chips do I have to report it as income, or do I report it as income once I cash the chips?
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Old 02-10-2019, 06:38 PM   #2
Fore
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Re: If you don't turn your chips into cash do you pay taxes on it?

Your choice to not convert to cash does not change your liability. If I were to not cash any paychecks this year, I have enough emergency cash for that, it does not mean I have as not paid. Just like if the boss were to hand me a bonus check at 11:59pm on New Year’s Eve such that I could not cash does not mean the income is in the new year
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Old 02-10-2019, 08:05 PM   #3
djevans
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Re: If you don't turn your chips into cash do you pay taxes on it?

But chips donít = cash until you cash them. If you win cash in online poker you donít have to play taxes on it until you cash it out right?
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Old 02-10-2019, 08:19 PM   #4
Didace
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Re: If you don't turn your chips into cash do you pay taxes on it?

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Originally Posted by djevans View Post
If you win cash in online poker you donít have to play taxes on it until you cash it out right?
Wrong.
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Old 02-10-2019, 08:35 PM   #5
socccer4life3
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Re: If you don't turn your chips into cash do you pay taxes on it?

Ymmv but aren't most us individuals cash basis tax payers? In your 11:59 check example couldn't you claim you didnt receive it until the following year?

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Old 02-10-2019, 09:38 PM   #6
Didace
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Re: If you don't turn your chips into cash do you pay taxes on it?

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Originally Posted by socccer4life3 View Post
Ymmv but aren't most us individuals cash basis tax payers? In your 11:59 check example couldn't you claim you didnt receive it until the following year?
No. Cash basis doesn't mean paper bills. It means your income counts when you receive it (a check counts for this).
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Old 02-11-2019, 08:10 AM   #7
PokerXanadu
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Re: If you don't turn your chips into cash do you pay taxes on it?

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No. Cash basis doesn't mean paper bills. It means your income counts when it is paid to you (a check counts for this).
FYP.
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Old 03-14-2019, 06:39 AM   #8
Sheep-Goats
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Re: If you don't turn your chips into cash do you pay taxes on it?

As far as the IRS is concerned income is income.* If your boss gives you two old shoes and a bag of gold you owe income tax on the value of those items. If he gives you poker chips you owe on that. There aren't any loopholes to go through, they don't play games like that.


*Some income types are taxed at different rates than others, but an increase in money or material is always taxable.
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