By poker_boy | 3 Comments
Last updated: Thursday, February 7, 2008 | 105 Views Tags: poker, tax implications
We’ve have a reader question come in on the subject of poker online. Let’s take a look:
Question: What Are the Tax Implications in Online Poker?
Answer: You can play for real online.
The tax implications are just the same as any other income stream. It depends on whether you list it as a job or as a hobby, but you report it as income. Although online poker is illegal for money, the IRS does not care; they just want their share.
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3 comments
Mike Smith
February 7, 2008
it's free you dumbo, online poker are games for entertainment.
you only play real in casinos
February 7, 2008
it is free at a casino you need to bet i hope when you grow up you can play and win
February 7, 2008
I CANT EVEN BELIEVE THAT W/ ALL THE HYPE THERE ARE STILL PEOPLE WHO ARE CURRENT ENOUGH TO ANSWER THESE QUESTIONS, HENCE HAVE THE INTERNET AND ARE INTEREDTED IN IT, AND STILL ARE UNAWARE THAT THERE IS REAL GAMBLING AVAILABLE VIA ONLINE POKER!
WOW.
ANYWAY - DONT WIN A HUGE JACKPOT AND YOU ARE COOL. BUT IF YOU WIN BIG, UNLESS YOU CAN JUSTIFY THE SAME AMOUNT OF LOSSES, YOU NEED TO PAY TAX AS THOUGH IT WAS INCOME.