Thanks for the great site, updates and all the help.

Well, my question is something about share and money. I’m actually not so sure if it’s something sensible, but I can’t help it but just ask because it really bothers me.

I’ve been playing poker on the internet for some time now and so far, I believe I’ve been doing good on my games. But I’m bothered of some things, particularly about some tax issues.

I’m wondering if I have to claim winnings to the IRS since it is offshore and not online. If in the event yes, how much do I have to win in a year before I claim? In case of withdrawal, do I have to report it to the IRS? Well, in Vegas if you hit a slot machine for under a particular amount, you don’t actually have to fill out IRS paperwork and if over a particular amount, you have to claim it on your federal taxes anyway.

Any advice?

Thank you in advance.

Ethan
Ethan,

Any amount you win over $400 you are supposed to claim to the IRS. Also, that is $400 cumulative. If you win $50 now, and then $375 later, you are supposed to claim. If you do decide to claim, keep track of your losses as well. Poker loses can be written off against poker wins, but only up to the amount of your total wins.

Also, if this is too confusing or complicated, contact an accountant or tax professional. They can help you as well.

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