Poker Legislation
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won 35k and i am just wondering if i cash this out and pay taxes will i get in trouble. i think there are some new laws. been resding some but i cant find what im looking for.
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yeah i suggest premium bank wire. sick brag btw
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Do your homework, go online and look for a poker tax book. I think there was a lady on pocketfives who did a book about taxes though I can't remember her name. You might want to ask David Huber about the book and read it before you cash out. JEEEEEZE I WISH i had your problem :)
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 hothands20: | |
won 35k and i am just wondering if i cash this out and pay taxes will i get in trouble. i think there are some new laws. been resding some but i cant find what im looking for.
There are no laws that make cashing out online poker winnings a crime in and of itself. Failing to pay taxes on income derived from poker is a crime, of course.
Even the UIGEA does not apply to cashing out.
Obviously, cashing out online poker winnings does identify you as an online poker player.
The mere playing of online poker violates no Federal law.
Whether playing online poker violates the law of the State of North Carolina is a very difficult question with no absolutely guaranteed correct answer. If arrested for it though, you would be the first ... and even though you say that you live in NC, how would a Prosecutor be able to prove in court that you were in NC at the time you were playing online poker (ever hear of a laptop or an internet cafe)?
If you want a full analysis of NC law and online poker, you should search the PPA forums or ask your questions there.
Skallagrim
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