Do you need to pay taxes on money won playing online poker?

Joe Bonarman asked:


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?

Laurie

Tags: Need Money, Playing Poker, Taxes Online

This entry was posted on Friday, February 13th, 2009 at 7:33 am and is filed under Poker. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

6 Responses to “Do you need to pay taxes on money won playing online poker?”

1. llm Says:
   February 15th, 2009 at 6:18 pm

   i wouldnt, but yes i think its over a curtain amout and i think you are over that.

2. crimson Says:
   February 20th, 2009 at 6:59 am

   Legally yes, any income, even from gambling should be claimed. That being said, I doubt anything would happen if you didnt claim it, as long as you do the rest of your taxes right.

3. IBanker Says:
   February 23rd, 2009 at 9:46 am

   Absolutely. Unlike European countries, the US taxes all income that its citizens make.

   You can deduct any losses you had *this year* against your $3000 gain. I’d recommend going to the IRS website and doing some research on how, exactly, you’d file.

4. Shibboleth Says:
   February 26th, 2009 at 4:49 am

   Yes.

   According to the revenue code, all sources of money and wealth are taxable until Congress awards an exclusion. The following sources of income are also taxable:

   money found on the ground
   ill-gotten gains
   money made on a press in the basement
   money stolen from a bank
   goods purchased with monopoly money and sold for real (capital gain)

   Exclusions include things like pensions, state and municipal bonds, military hazard zone pay, etc.

5. nigel Says:
   February 28th, 2009 at 8:42 am

   i thought they recently made it illegal to play online poker if you are a us citizen. I know my partypoker account will not let me gamble with real money anymore

6. Judy Says:
   March 1st, 2009 at 4:12 pm

   Legally, yes you do.