Topic: Tax and Legal questions

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Posted at September 24, 2006, 8:54 am:

Don't know if there are any knowledgeable tax people or legal experts but one thing has perplexed me for quite some time.
1. How are people dealing with tax time, when it comes to online poker winnings/losses?
Are people just hiding their winnings from IRS?
2. How are people taking their winnings from poker sites when they win a substantial amount of money? I know that some people are winning tens of thousands of dollars on those large multi table tourneys, but what do they do to cash it in?

I have not been fortunate enough to win any of these large multi table tourneys, but if I did, I would be concerned about how to cash in on the money without getting in trouble.

Any tips? Any advice?

Just looking for people that have had to make these choices and what they've done.

Original of the message was taken from http://www.bonuswhores.com/phpBB2/

Replies:

Search the forums, this issue comes up from time to time.

If I wasn't from one of the tax-exempt nations, then I certainly would...

If you're an American, definitely talk to a professional.

just watched great movie about federal taxes and IRS a few days ago.

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