How to Play Poker Videos
TV poker players & taxes?
How are the poker players we see on TV taxed on their winnings? I understand professional players are required to file tax returns and pay taxes, but what about the amateurs?
Public Comments
- You must pay taxes on all winnings, professional or amateur. If you earn money in the United States, you are required to report it to the IRS.
- The amounts you see people winning in poker tournaments on TV are so large that it is most likely the casino will pull the taxes right out of the winnings and file a form with the IRS. Just like if you win a slot machine payout over $1,200. In the case of non-American tournaments, the players would get all the money and be responsible for declaring it on their tax return.
- Same thing. You have to pay taxe an your winnings, doesn't matter who you are.
- yes you must declare your winnings.....but you also then can clam your loses..against it..do you remeber to Richard Hatch?? winner of the first "Survivor" he didn't pay his taxes and he eventually was sent to jail...because once you win anything in a tournoment that is over $1199 you must clam it
- It is taxed as regular earned income, you fill out a form and claim it on your taxes. Billy Baxter who is a pro poker player is famous for his court case to have money won from playing poker classified as earned income. Because at the time it was being taxed at a higher bracket, Baxter's case was that just like a football player or hockey player, poker players make there money the same way, so it should be taxed the same way as other pro sports players. He won the case so it is now earned income and must be reported ti the I.R.S.
