If you win $50,000+ from an online poker/gambling site based outside the US, is there any way to cash out the money without having to pay taxes? If not, can someone explain how taxes would work?

Posted by admin on December 11, 2008 under United States | 5 Comments to Read

poker
beatzscientifik asked:




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If I were to win say, $100,000 playing online poker, I know the government wants to tax me on that. What happens if I don’t withdraw the money from my account? Do I pay taxes on it? What if I withraw just a little bit at a time over several years, do I have to report it? I am in the U.S (Virginia), by the way.

Posted by admin on November 6, 2008 under United States | 3 Comments to Read

poker
DBADiver asked:




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I am curious about a scenario where a person wins, say, $250,000 at a site like Full Tilt Poker. First off, can they just transfer the money into their bank account without any problems? After that, what kind of taxes will they have to pay? Are the any (legal) options that would reduce the total tax amount?

Posted by admin on July 25, 2008 under United States | 9 Comments to Read

poker
Mr. Mister asked:




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I recently won $3000 on a poker site, not based in the United States. Will I need to claim this on my taxes at the end of the year?

Posted by admin on June 23, 2008 under United States | 6 Comments to Read

poker
Joe Bonarman asked:




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