07-26-2005, 09:48 AM | #1 | ||
Coordinator
Join Date: Sep 2004
Location: Chicagoland
|
(Poker) Taxes & other Legal Questions
After a lot of learning, I think I've finally figured out how to win consistently, and I'm building a bankroll at 0.5/1. Thank goodness.
Looking waaaaaaaaaaaaaaaaaaay down the road, however.... Technically, playing poker over the internet in Illinois (where I live) is illegal. So far I haven't won a ton of money, so I'm pretty sure my cashouts won't blip an audit or something like that. However, I know some of you here have either won a fair amount of money or know those who have. So, for you, two questions: 1. Is internet poker illegal in your state? 2. If this answer to #1 is "yes", "probably" or "maybe", and you've cashed out a fair amount, do you do anything special to "hide" this money from prying eyes, or just dump it straight in your bank account and hope for the best? |
||
07-26-2005, 10:01 AM | #2 |
High School Varsity
Join Date: Oct 2000
Location: Old Forge, PA
|
1. It's such a gray area that I don't both worrying about it. Wake me when somebody gets arrested for playing online poker.
2. I dump it in my bank account, and declare it on my taxes (I think on my 1040) as miscellaneous income - gambling. I just give the IRS their fair share - it's not worth it to try and hide it and get audited, or even worse, get noticed by anti-terrorism or anti-organized crime agencies.
__________________
There are three things I have learned never to discuss with people...religion, politics, and the Great Pumpkin. - Linus Van Pelt |
07-26-2005, 10:55 AM | #3 |
High School Varsity
Join Date: Nov 2003
Location: Olympia, Wa
|
I know a guy that makes about 80k a year playing $400 NL and he hasn't payed a dime to the government. He also has a real job, so it looks a little more legit. His secret is not pulling out more than 10k at a time. But I wouldn't suggest it.
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
Thread Tools | |
|
|