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rrl308
10-25-2008, 08:11 PM
I have a question about the legality of online poker. Is it o.k. to make deposits to and withdrawls from online poker sites? I know they passed something in that safe port act a couple of years ago. but i couldn't quite remember what it was. Also, do you have to report your winnings over a certain amount. For example say you won 10,000, do you get taxed on that. I'm sure these are most likely dumb questions, but I would appreciate anyones answers.

cookster50
10-26-2008, 11:35 AM
Know, it is illegal to gamble online, poker included. Doesn't mean people don't....
As for winnings, I don't know, but I would guess that the online casino isn't going to report you, so I don't think you would need to.

Kyle DeLexus
11-05-2008, 02:05 PM
I have tried to find all this out myself, so far I have come up with...if it is a site that accepts US players they have something worked out with taxes and it is legal. As far as reporting it on personal taxes table games such as blackjack and poker in person at Vegas do not require income to be reported since no one knows what you started with or if losses are greater than profits. My educated guess then is that you are not required to report online poker profits...I never have

Crashride
11-05-2008, 02:14 PM
The online poker sites put your money in an off-shore account so your not technically gambling here. As far as taxes I would imagine they couldnt tax it since its off-shore.