Hey guys, couple quick questions about cashing out. When you cash out and receive checks with your winnings, do you guys get W-2's at the end of the year? Does getting these checks raise any red flags when depositing in the bank? How do you guys handle this? Is it better to do a Western Union money transfer? Any help would be appreciated. Thank you.
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No poker site is going to send you a w2. Checks over a certain amount ($5,000? Guessing at that) are reported by the bank to the IRS.
Generally speaking, I'd say reporting poker/gambling winnings is on the honor system, there's a line for it on tax form.Comment -
i wouldt report anything that has to do with online. i thought if you won big in vegas you had to pay taxesComment -
From an IRS point of view, you need to report any gambling winnings -- doesn't matter where.Comment -
Only if you make enough $ small amounts like several thousands over a year should be safe.Comment -
Pay your taxes. That being said, any transaction under 10k is not reported to the IRS.Comment -
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you are correct
10k or above they must report by law (banks), however they are supposed to report any amount that seems suspicious including gambling winnings even its if less. so make sure you don't start blabbing to your teller.
As far as paying the IRS. Screw them, Until they stop harrassing online gaming I dont feel any obligation to pay them a cent.Comment -
You dont have to pay any taxes from online gambling Thats like paying taxes from winning from the town book
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