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  • Withdraws

    Do I need to claim my withdraws on my taxes. Does anybody know. Last thing I need is trouble from the IRS.


  • #2
    if its over $1000 i think you do. not sure about smaller amounts. not positive tho

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    • #3
      From what I've understood about it, if you can claim professional poker status (it's your main job) then it's total wins - total losses for the year.

      If you are an amateur it get's really stupid. For tournamets and SnGs it's winning amount - buy in for each individual tournament that must be claimed. If you're not in the money then you cannot deduct that buy-in as a loss.

      For Ring games it's what you leave with - total amount brought to the table for every single session. If you lose money it's non-deductible.

      Given the ridiculous way the IRS figures the taxes for amateurs you could lose money over the course of the year and still owe the IRS taxes on it.

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      • #4
        ...
        Last edited by deleted_username; Fri Feb 18, 2011, 06:57 AM.

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