To be honest, I am just a starting player so I don’t know much stuff about poker. Particularly, I don’t understand how winnings are taxed in tournament or game plays.

I’ve watched the WSOP where in Raymer won $5 mill, but I wasn’t able to get some information whether or not he needs to pay taxes for his winnings. Do you have any idea about it? How about online winnings?

Sorry for asking these questions, but I’m not really well informed about taxes or the like.

Thanks a lot!

Cheyenne
Cheyenne,

If you win more than $400 in a year, you are required to report your winnings. Poker players are considered self employed and subject to self employment taxes. This is applicable to online and live players both. You should consult a tax professional or accountant for more information.

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