Tag Archives: taxes

Paying Taxes On Online Poker Winnings

March 29, 2020   Game skill   No comments

Poker winners do attract the tax officials’ eye on them, even though online poker is legal in U.S and many other countries, the government has a share in the winners’ earnings. The IRS or Internal Revenue Service in U.S. is directly responsible for tax law enforcement and collection of taxes from the public.

All U.S citizens are liable or taxable, if they win any online poker game. It is advisable for new poker players to seek the advice of a reputable tax professional before joining the bandwagon of online poker gamers.

Many players believe that online poker websites with foreign addresses do not come under America’s stringent tax rules, but it is not so. American government enforces Federal tax on the global gambling world and its income. So, winning parties have to pay the taxes on the income gained by them through playing online poker games.

Keeping a Track of Online Winnings for Tax Related Issues

It is best for any gambler to maintain a log book with excerpts on their individual gambling activities. Players can find helpful insights on the internet about the exact requirements and Gambling Law U.S.

Some of the salient features are as follows:

o Keeping an accurate record of all online gambling winnings and losses. o Correct date and time entered about the wagers o Full and correct name and address of the gambling location o Names of the playing partners at the venue o The exact amount lost or won by you as a player.

Maintaining Regular Ledger Updates

These records of the losses and wins entered on a daily basis will be sufficient for the IRS while checking your tax liabilities. Thus, as a dutiful law abiding player, you should keep daily records and enter them quickly after the end of every gambling session. Thus, you will never forget the details nor give wrong information to the IRS.

Taking Expert Advice of Tax Professionals

Any reliable and experienced tax professional will be able to guide you as a gambler about the intrinsic rules and regulations involving payment of taxes on online poker room earnings. All gamblers need to be serious about paying their taxes and not take them lightly. For authentic info gamers can also try Russell Fox’s blog on online gambling tax requirements.

Simple Ways to Meet Tax Requirements

Online poker players can always maintain a written log using pocket diary or notepad. It is important to note down the date, time, card room name, other players’ names and the end result. Using a computerized system can also suffice. One must also keep legitimate proof of the receipts, payments and other papers as proof for tax return files.

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Some People Have Too Much Luck!

May 6, 2018   Personal game   No comments

Some People Have Too Much Luck!

For those of us who struggle with day to day expenses and must budget down to the last penny the lottery offers us the chance to dream of wealth and leisure. We plunk down our dollars every week in hopes we will be the ones to win a life free of financial woes. Recently there was a story about a lottery winner that is sure to raise the ire of the average Joe who plays the lottery.

The New York State Lottery recently added a scratch off game offering the largest jackpot in the history of the New York State Lottery. Lottery tickets are pricey ($30) but the jackpot is a cool million dollars a year for life. After taxes a winner’s earnings add up to about $674,000 a year for life.

Of course we all hope an average Joe will win the lottery but the most recent winner is sure to raise the ire of all those average Joes out there. The first person to win the Million Dollar for Life lottery is already a multi millionaire! As if that isn’t bad enough the winner is not a US citizen and thanks to an agreement between the UK and the US, Keenan Atunis will not have to pay the taxes that a US citizen would have to pay. Keenan Atunis was born in Turkey but raised in the U.S and is currently working in England for Unicredit.

Atunis who was in the US for a family gathering gave his mother $100 to buy some of the $30 a ticket game cards. He stated that the recent turmoil in the stock market put him in the frame of mind to take a chance on increasing his fortunes. In what can only be called understatement he said he does not expect winning the lottery to change his life very much. Some people have too much luck!

Like it or not Mr. Atunis won the jackpot fair and square. The chief objection to his big win is probably the fact that he will pay no taxes while US winners are taxed at almost 50%. If Atunis had played the UK national lottery he could have bought online lottery tickets instead of relying on a third party to purchase the lotto tickets. UK lottery players have been able to make an online lottery purchase for years and the move has been wildly popular among British lotto players. UK players can also play several other European lotteries and best of all-US players are accepted.

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