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If we legalize online poker ....

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  1. lennixl0u lennixl0u is offline Disabled account

    WI
    United States

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    Joined: Jul 09

    Dec 11th, 2009 (12/11/2009 12:57pm)

    If we legalize online poker ....

    And have it regulated, how much would players be taxed? I am not sure if I have ever heard an exact amount.

    Just wondering if anyone has any numbers?
  2. fordmotor08 fordmotor08 is offline

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    Dec 11th, 2009 (12/11/2009 1:00pm) in reply to lennixl0u

    There is no way anyone can know for sure.

    (Government regulated - you can be sure it's gonna be highest amount possible.)
  3. supra1988t supra1988t is offline

    Cary, IL
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    Dec 11th, 2009 (12/11/2009 1:35pm) in reply to fordmotor08

    You're supposed to pay taxes on your winnings now, so nothing should change in that regard.
    649 
  4. NoMeNot NoMeNot is offline

    Richmond, VA
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    Dec 11th, 2009 (12/11/2009 1:39pm) in reply to lennixl0u

    They will probably tax the players and the sites.

    My guess is that they will tax based on cashouts when taxing the players. That would be the easiest way for the players and the sites. Somewhere in the range of 20-25 percent. Then at the end of the year, they will tax the amount withstanding in your account.

    I can see it now....instead of "bonuses" you will have sites paying a percentage of your taxes based on your VIP level.

    This is all speculation though, it would be great if they just taxed the sites and left everything else as is.
  5. Hecklerz Hecklerz is offline

    Canada

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    Dec 11th, 2009 (12/11/2009 2:01pm) in reply to NoMeNot

     
    Originally Posted by NoMeNot View Post

    They will probably tax the players and the sites.

    Certainly no expert on this matter but I don't think they can tax a site that is run from another country.

    Someone please correct me if I'm wrong.
  6. 33mikemcg 33mikemcg is offline

    Roseville, CA
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    Dec 11th, 2009 (12/11/2009 2:08pm) in reply to Hecklerz

    First: Online poker is NOT illegal!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Second: I pay taxes on my winnings now just as I would if it was regulated.

    Please edit title it tilts the F out of me!!!!!!!!!!!!!!!!!!!!!
     
  7. Projekt420 Projekt420 is offline

    Westminster, CO
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    Dec 11th, 2009 (12/11/2009 2:13pm) in reply to Hecklerz

     
    Originally Posted by Hecklerz View Post

    Certainly no expert on this matter but I don't think they can tax a site that is run from another country.

    Someone please correct me if I'm wrong.

    If they regulate it here in the U.S. then U.S. based sites would be taxed
  8. tyson219 tyson219 is offline Moderator

    New York, NY
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    Dec 11th, 2009 (12/11/2009 2:21pm) in reply to Projekt420

     
    Originally Posted by Projekt420 View Post

    If they regulate it here in the U.S. then U.S. based sites would be taxed

    I'm pretty sure the US sites are already legitimate US businesses and are currently taxed.

    What could possibly change is that the deposits and/or withdrawals have an added tax (think of it like a sales tax) and data could be collected from the sites to enforce payment of income taxes for those players that currently do not pay taxes on poker earnings.

    Edit: added a bit of clarity to the last sentence
     969 
  9. paaaaag5 paaaaag5 is offline

    S Lake Tahoe, CA
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    Dec 11th, 2009 (12/11/2009 2:36pm) in reply to lennixl0u

    [x] this thread is causing me to pray aaron rodgers tears his ACL
  10. KA_Spirit KA_Spirit is offline

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    Dec 11th, 2009 (12/11/2009 3:47pm) in reply to paaaaag5

    Wow. just wow. Yes you are suppose to pay taxes on your winnings. You pay taxes on any income as a united states citizen no matter what country you made it in. The only thing tax wise that would change is the government would be able to tax the poker sites on any business they make off of the united states. Which is a significant amount of money and will grow if it is regulated and considered legal. The Gov't is not going to tax each transaction, but rather the sites. The banks may charge small fees but the goverment is not going to take a percent out of your winnings, unless you want them to like a normal pay check for tax reasons in when April comes.

    The comments in this thread are mind boggling, and I think 90% of you should stop playing poker immediately and pursue a GED.
  11. 20_lb_stack 20_lb_stack is offline

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    Dec 11th, 2009 (12/11/2009 4:21pm) in reply to KA_Spirit

    I'd also assume that any US based site would also be required to do backup withholding, if you had a large cashout, just like the casinos do now. I'd also assume they would be required to reporting large winnings on 1099-G to the IRS.
  12. lukaluka05 lukaluka05 is offline

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    Dec 11th, 2009 (12/11/2009 4:39pm) in reply to lennixl0u

     
    Originally Posted by LoVeBuRgEr View Post

    If we legalize online poker ....

    And have it regulated, how much would players be taxed? I am not sure if I have ever heard an exact amount.

    Just wondering if anyone has any numbers?

    Why don't you look at Barney Franks legislation proposal in the House. Also, take a Civics course at your local community college.
  13. mindtrip954 mindtrip954 is offline

    Madison, WI
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    Dec 11th, 2009 (12/11/2009 4:48pm) in reply to KA_Spirit

     
    Originally Posted by KA_Spirit View Post


    The comments in this thread are mind boggling, and I think 90% of you should stop playing poker immediately and pursue a GED.

    ^^^ LOL sfthis!

    I believe I heard that Frank was proposing a 2% tax on all internet gambling revenue (taxing the poker sites). As far as players, the only tax thing that might affect us is winning a large amount it may have to be reported to the irs (similar to how if you win over $x.xx at a casino) I think that the poker sites trying to hold a certain amount for taxes will not happen - it would be a huge mess. For one a player can file as a hobbyist or professional, and the amount of taxes will differ, also what if a player wins early in the year and loses in the second half of the year.

    I dont think there is anyway that the poker sites will hold any amount out for taxes. Fact is most players are losing players, and it would be a huge hassle to try to go back an forth base on what they win/lose throughout the year. As well as I should be able to put my money in a savings up until the taxes are due, just like any other self employed person.

    As far as how much us as players will be taxed.. It should be the same amount you are currently paying on your winnings...
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