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

By: Judy

Judy — Sun, 01 Mar 2009 16:12:39 +0000

Legally, yes you do.

By: nigel

nigel — Sat, 28 Feb 2009 08:42:29 +0000

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

By: Shibboleth

Shibboleth — Thu, 26 Feb 2009 04:49:25 +0000

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.

By: IBanker

IBanker — Mon, 23 Feb 2009 09:46:59 +0000

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.

By: crimson

crimson — Fri, 20 Feb 2009 06:59:12 +0000

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.

By: llm

llm — Sun, 15 Feb 2009 18:18:00 +0000

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