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Tax online poker and online gambling

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US residents will always find ways to gamble online! (In the end - there is the question of how much we want government to be involved in our private lives: For many, playing poker with friends on the Internet is a way to unwind at the end of the day. Technology aside, Web gambling isn’t so different than the way Americans have relaxed and enjoyed the company of friends for decades)

Read more: Tax Online Gambling Instead Of Banning It

:dirol
Join: 2006/12/07 Messages: 29893
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Manne wrote: US residents will always find ways to gamble online! (In the end - there is the question of how much we want government to be involved in our private lives: For many, playing poker with friends on the Internet is a way to unwind at the end of the day. Technology aside, Web gambling isn’t so different than the way Americans have relaxed and enjoyed the company of friends for decades)

Read more: Tax Online Gambling Instead Of Banning It

:dirol
I think the problem with the ability to tax online gambling is that most people will be dishonest about their earnings
Join: 2007/08/13 Messages: 121
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MHJ wrote: I think the problem with the ability to tax online gambling is that most people will be dishonest about their earnings
I think the problem with the ability to tax online gambling is that most people will be dishonest about their earnings

This is why the government will tax the online poker site and not the players.
Join: 2009/02/14 Messages: 14
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MHJ wrote: I think the problem with the ability to tax online gambling is that most people will be dishonest about their earnings
I think the problem with the ability to tax online gambling is that most people will be dishonest about their earnings
[FONT=Verdana]Any more "dishonest" about their winnings at the tables than say small winning tickets in state lotteries?

I thought I had heard that one idea was putting the tax -- 6% I believe was the number -- on players deposits. That is, you deposit $100, you have room credit for $94 and the other $6 goes to Uncle Sam. . .

Or maybe the legislation being crafted would include something along the lines of other gambling winnings. That is, any amount won that is over a certain threshold set would have to be reported by the poker room operator to the IRS and you would receive a Form 1099-G to report on your taxes. Anything below the threshold would be between you and your conscience as to whether it gets reported or not. . .[/FONT]

[FONT=Verdana]Or maybe the poker room operators will have to issue yearly statements of your profits or losses and you report accordingly on your taxes. . .

Until the bill becomes a law we can't be sure what the taxation policy will be. . .
[/FONT]
Join: 2008/12/20 Messages: 856
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SycoSteve wrote: I think the problem with the ability to tax online gambling is that most people will be dishonest about their earnings
[FONT=Verdana]Any more "dishonest" about their winnings at the tables than say small winning tickets in state lotteries?

I thought I had heard that one idea was putting the tax -- 6% I believe was the number -- on players deposits. That is, you deposit $100, you have room credit for $94 and the other $6 goes to Uncle Sam. . .

Or maybe the legislation being crafted would include something along the lines of other gambling winnings. That is, any amount won that is over a certain threshold set would have to be reported by the poker room operator to the IRS and you would receive a Form 1099-G to report on your taxes. Anything below the threshold would be between you and your conscience as to whether it gets reported or not. . .[/FONT]

[FONT=Verdana]Or maybe the poker room operators will have to issue yearly statements of your profits or losses and you report accordingly on your taxes. . .

Until the bill becomes a law we can't be sure what the taxation policy will be. . .
[/FONT]
Whatever it ends up being it not going to be cheap. I think the 6% is wishful thinking. Its bound to be double digits.
Join: 2009/03/29 Messages: 399
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tallseas wrote: Whatever it ends up being it not going to be cheap. I think the 6% is wishful thinking. Its bound to be double digits.
Whatever it ends up being it not going to be cheap. I think the 6% is wishful thinking. Its bound to be double digits.

I think it will be more painful then most players think.
I thoughts are not based on facts in this matter but it seems the government has a way of getting things mucked up at times.

I hope it's a reasonable amount and the game is still profitable to play.
Join: 2009/12/06 Messages: 258
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