do you have to report online poker earnings to the IRS?
Written By: admin on June 25, 2009
One Comment
Do you have to report your earnings from playing poker online to the IRS on your taxes?
If so, is there a designated amount that doesn't need to be reported – and everything above that does?
If it matters by state – I am curious about California.
Also, the way the monies are received from the poker site are via check.
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Tags: earnings, irs, monies, playing poker online
Unless your TOTAL income is low enough that you are not required to file, you are legally required to report ALL income. Even if you only make $0.01 form a given source, that penny is supposed to be reported. on-line gabling is not legal in the US, but illegal income is taxable. On-line losses are NOT deductible against winnings because illegal expenses are specifically not deductible.
Judy is right about losses from LEGAL gambling being an itemized deduction against gambling winnings. Losses from ILLEGAL gambling are not deductible. ALL on-line gambling is illegal under US Federal law.