[megamillionslose]

Always a "catch" from those GREEDY c*cksmokers!FED crime for tax evasion definitely ain't no walk in the park.Taking 28% of your winnings off the top may be the norm!

[FishFace5]

I'm very interested to see how fast they move towards regulation.
Im also interested to see what type of tax model these greedy gov't bastards come up with.
We all know that if they plan to treat winnings as normal income, they might as well stop wasting everyone's time and just shut the whole thing down.

[jarvol]

All you have to do is claim the same amount in losses and you won't have to pay tax.

[tblues2005]

All you have to do is right it off and tell them you lost it at the casinos. You may need written proof of it. You do have to be right on top of it also.

[FishFace5]

They cant tax winnings like normal income.
NOBODY can cover a 30% vig.
Our gov't needs to look at how other countries handle these matters and adopt a similar model.
If they want to take 3-5% I'll be the 1st in line.

[Cuse0323]

Lucky me, I never won anything so I'm good.

[jgray]

Ha. 5% tax rate on winnings? No. It will be taxed as ordinary income just like other forms of gambling. Why would it be treated any differently?

[Killer_Demo]

i think it will be 40% shakedown from the govt

[Shack]

I'm sure they will send out tax statements at year end just like brokerage companies. That's the purpose to legalize, regulate, and tax. That's what we want.

[beach nut]

I am totally in agreement with this. The sooner we can get regulated poker sites the better. Everyone should be paying their taxes anyway.

[MB]

Do you guys still play poker at your online sportsbook?

[clarkacal]

I'm more interested to know if they will be charging self employment tax on winnings.

[wtt0315]

you cant claim your losses unless you have a house

[topgame85]

I'm more interested to know if they will be charging self employment tax on winnings.

If it is "your job" they probably would. Work 10 hours a week at CVS to avoid this if it happens.

[FuzzyDunlop]

I'm more interested to know if they will be charging self employment tax on winnings.

Need three consecutive years of gambling as your PSOI before SE tax kicks in.

[clarkacal]

Having another job doesnt mean it isnt self employment. Lots of people get w-2s but file a schedule C (self employmeny)for other work they do.

[topgame85]

Having another job doesnt mean it isnt self employment. Lots of people get w-2s but file a schedule C (self employmeny)for other work they do.

Why would they want to do that?

[clarkacal]

If they get a 1099 misc or if they have a business on the side and dont cheat on their taxes

[topgame85]

If they get a 1099 misc or if they have a business on the side and dont cheat on their taxes

OK, well clearly I am not a tax genius, turbo tax and hrblock for me. Know about a few extra requirements I have run into and discussed with an accountant in the past but most of the time count on the pay services to give me the final answer. Thanks for the info though, I may need that info someday.

[clarkacal]

I'm not sure how the IRS treats poker winnings. If it is treated as other income like gambling w-2gs are then there isn't self employment tax(social security medicare) but if they determine having poker winnings is a type of employment they will want that hefty percentage on top of income tax.

[andywend]

The current law when it comes to taxation of gambling winnings is ridiculous and needs to be changed.

Gambling income is treated differently than investment income.

If you lose $100,000 in say calendar year 2011 and make $100,000 in calendar year 2012, you get no tax deduction in calendar year 2011 and have to pay FULL INCOME TAXES in calendar year 2012.

If you lose, you are on your own. If you win, Uncle Sam becomes your partner and wants their share along with any state tax liability.

[sq764]

They cant tax winnings like normal income.
NOBODY can cover a 30% vig.
Our gov't needs to look at how other countries handle these matters and adopt a similar model.
If they want to take 3-5% I'll be the 1st in line.

they can and they do, they do it with horseracing now..

[sq764]

The current law when it comes to taxation of gambling winnings is ridiculous and needs to be changed.

Gambling income is treated differently than investment income.

If you lose $100,000 in say calendar year 2011 and make $100,000 in calendar year 2012, you get no tax deduction in calendar year 2011 and have to pay FULL INCOME TAXES in calendar year 2012.

If you lose, you are on your own. If you win, Uncle Sam becomes your partner and wants their share along with any state tax liability.

not true.. you can claim all your losses against your winnings..

[treece]

I am totally in agreement with this. The sooner we can get regulated poker sites the better. Everyone should be paying their taxes anyway.

yea so the government can spend that tax money on bombing libya for no reason.

[ttwarrior1]

they'll screw it all up somehow,

[Doug]

I trust the gov't to f\*\*k it up !

[Pajda]

Always a "catch" from those GREEDY c*cksmokers!FED crime for tax evasion definitely ain't no walk in the park.Taking 28% of your winnings off the top may be the norm!

You supposed to pay taxes on your winnings anyway.

[wtf]

on horse racing the taxes do not kick in till the win exceeds 300-1

so why would they tax every penny u win on poker

[Roosterfosho]

That's odd.

[samdapatriotsfan]

At what point do they start taxing? If a guy made $600 from a book are they gonna come after him for that?

[UntilTheNDofTimE]

A sportsbook would be just like your employer in terms of taxes. At the end of the year they will send the irs a earnings form. Therefore no if you win 600 and withdraw that amount you wont pay taxes on it immediately. Not until the end of the year. Unless you choose to withold a amount on each of your withdraws as you do with regular income.

[Czu81]

yea so the government can spend that tax money on bombing libya for no reason.

Poker is CRIME!

[tatommack]

i swear the irs sucks to hard to keep up with all the paper work they need

[MortalLock]

Cant wait till its regulated (btw winnings should be taxed) i play for a living so i already pay taxes on winning so no prob for me there. Lets just get this regulated & we will see another poker boom. Will be so many fish playing. They may just take the certain tax % out when you withdrawl, sounds like they way they would do it, so they get everyones tax $

[AzNDooM]

If your able to be taxed on poker, then I would assume you can also claim on your losses?