How to Play Poker Videos
How does the taxing situation work for online poker sites?
How do you report it? Do you have to report it? What if you don't report it? Can I write it off as something else?
Public Comments
- There is a gambling winnings section on the IRS tax form. You have to report it. If you don't you can get in trouble for tax evasion. It has to be reported as gambling earnings. But I wouldn't worry too much if it were just a small amount. If you made more than $10K I'd definitely report it. A few hundred or so is probably not worth worrying about.
- Gambling winnings are an additional form of income and must be declared to the IRS or the Inland Revenue (UK). Within the UK we have to: Submit a Self Assessment form outlining any additional income. However, it really depends on your circumstances as you may be able to set off expenses if you run a gambling related business. I'd suggest the easiest thing to do is to seek expert tax advice. You will often find that the cost of this advice itself is tax deductable. More information on gambling can be found on these sites:
