Home » Finance » Taxes

Money Made from Online Poker

Jun 6, 2008
Should online poker players claim their winnings on their taxes?

This is highly dependent on the country that you are currently residing in. Any money made from online poker ventures should be turned into the IRS or Canadian Department of Revenue depending on whether you live in the US or Canada.

An online poker income will be regarded as any other normal income could be. For people that reside in the US this could figure to be about 30% of their claimed winnings. If you are a player that wins small amounts of money you really need not worry about ever claiming this or there being any backlash for not doing so. Large amounts on the other hand are where problems could set in.

If you are one of the types of poker players that can make a lot of money playing poker online and you chose not to report these winnings on your taxes you could end up in all kinds of problems. If you do make a lot of money don't worry to much as with some tax laws you should be able to claim some of your losses marginalize you winnings a bit.

There are a couple of sites on the internet that allow players to track their winnings or losses at each particular poker room. Players just need find these sites on the web, enter their handles for the site, and they should be able to pull up a database on their computer of the progress.

Making money playing online poker can still be done in the US it just takes a bit of looking around to find the rooms that allow you to play. Full tilt poker is one site that allows players from the US and they have said that they have no intention of ever stropping this practice.
About the Author
Please take a minute and look at Pokerman Dan's two websites for the latest full tilt download and full tilt poker bonus code.
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