keeping track of taxes when playing online poker?

Saturday, February 27, 2010 posted by sunnyboy 11:45 pm
Jenn V asked:

Hi,if playing on full tilt poker or pokerstars as a hobby,how does a person keep track of all the games they win or lose.I mean is the email from the pokersite on a game you played good enough.Also If I have a 1,000 or 2,000 in my pokerstars account,if I want to withdrawl a 1,000 should I put a percentage away for tax time.If I want to withdrawl 300 do I have to figure out what % to give to irs.please help thankyou……..

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3 Responses to “keeping track of taxes when playing online poker?”

  1. LegFuJohnson says:

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    You pay taxes on the income in the year when you earn it, it has nothing to do with when you withdraw the money.

    I get emails when I win money in a tournament, but I don’t get emails when I lose or play cash games, so I don’t see how that would help.

    Just keep an excel sheet.

  2. Bob B says:

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    i wouldnt worry about it to that extent just try and give a ball park figure and to tell ya the truth the law really says you have to pay taxes on money that is in your account but how many ppl follow these rules well who knows

  3. martman says:

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    seriously, unless it is a significant amount (over 10k) don’t even bother.

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