Archive Review: Taxes, the IRS, and Online Poker Legality

[...] Noted Poker Authority Ed Miller issues a warning that the IRS may target online gamblers for audits. [...]

I would also add that players should keep good, detailed records of all live play and have deposit/withdrawal transaction reports handy. One thing to keep in mind also, and as mentioned in many books I’m sure, is that if a player takes the position that he/she is a poker “professional”, his poker playing may be treated as a business, with the income reduced by “business expenses”. Also, keep in mind that social security taxes will also come into play. Remember, the tax law taxes U.S. residents (as defined by tax law and not immigration laws) on ALL of their income, from whatever sources derived. This includes income from affiliate programs, rakeback, etc. Last thing, there are also severe penalties for not disclosing foreign bank account information for certain financial interests.

Cheers man I love those card games, win a bit of money ya ya