Tomspur
Tomspur
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April 3rd, 2014 at 10:38:21 PM permalink
Here is an interesting article with regards to taxes paid by poker players playing online in NV.

http://www.reviewjournal.com/business/winning-online-poker-players-must-confront-paying-taxes

Apart from the article being interesting, I foud myself asking a few other questions. This will also very much affect other states and how they decide to handle online gaming. It would make sense from a state/federal perspective to regulate online gaming because all taxable income derived from gaming can clearly be tracked and has to be reported, no matter where it was earned.
Will this not negatively affect the revenues though? If you knew that the IRS had a window into your gambling world, would you keep on playing in that world?

I would imagine most people are afraid of declaring their earnings if they are indeed positive expectation players (for the most part poker players)?

Do you think there are ways and means around declaring your earnings from online wagers?
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
TerribleTom
TerribleTom
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April 4th, 2014 at 12:14:02 AM permalink
If you get a 1099 or W-2, you're paying taxes. I imagine most online casinos frown upon multiple accounts and take your SSN anyways.

Additionally, you're talking potential tax fraud on a public forum...

So, no. No way around it.
Tomspur
Tomspur
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April 4th, 2014 at 1:09:15 AM permalink
Quote: TerribleTom

If you get a 1099 or W-2, you're paying taxes. I imagine most online casinos frown upon multiple accounts and take your SSN anyways.

Additionally, you're talking potential tax fraud on a public forum...

So, no. No way around it.



That is exactly why I thought the states would be silly not to want to regulate it.....it is trackable, traceable and tax money in the bank.
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
AxelWolf
AxelWolf
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April 4th, 2014 at 4:51:50 AM permalink
It will turn some positive plays into negative plays unfortunately. Run good on something one year and get killed on taxes. Next year comes and you get crushed. You would have had a win over all, if you didn't have to pay on the over winning one year, and the over losing the next year.

I don't want to turn this into a craps/DI thread. But, I have thought about that when it comes to well known supposed DI's. The variance is huge there should be some winning years and some losing years. Since the edge is so small, how is it, if they properly report taxes ( some guys write about all the wins and losses they have publicly) How dose this not take away from any supposed advantage they might have?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
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