Is tax levied on poker winnings?

[uptrendfinancialsignal]

You need to pay tax on your poker winnings. But it's not applicable in many countries. In my own ountry, we don't pay tax on gambling winnings but in the U.S, gambling winnings are considered taxable income. This tells you that gambling rules vary in different countries.

 

[Bawse]

I don't pay taxes for my online poker winnings. One of the benefits of playing online or crypto poker sites.

I know winners of the WSOP main event are heavily taxed.

 

[PokeHer]

winnings but in the U.S, gambling winnings are considered taxable income

Only if you claim it.

But, for big games, they're usually held in casinos, which will issue a cashout receipt that the IRS gets notified of if it's above a certain amount... so definitely claim that.

 

[uptrendfinancialsignal]

I don't pay taxes for my online poker winnings. One of the benefits of playing online or crypto poker sites.

In most cases, online transactions are not taxable. I've seen a lot of players leverage online playing to evade taxes.

But, for big games, they're usually held in casinos, which will issue a cashout receipt that the IRS gets notified of if it's above a certain amount... so

Yes, you're right! You pay taxes on winnings paid out especially if it's huge winning.

 

[PokeHer]

Yes, you're right! You pay taxes on winnings paid out especially if it's huge winning.

Unless it's a private game behind closed doors. Nobody has to know. Just don't tell anyone how you got so rich, if you could make your way into behind-the-wall games with huge pots like that...