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Withdraws - Thu Feb 03, 2011, 01:42 AM
Krunkstar's Avatar
Since: Jul 2010
Posts: 211
Do I need to claim my withdraws on my taxes. Does anybody know. Last thing I need is trouble from the IRS.

Thu Feb 03, 2011, 01:59 AM
Brad_Wicker's Avatar
Since: Aug 2010
Posts: 102
if its over $1000 i think you do. not sure about smaller amounts. not positive tho
Thu Feb 03, 2011, 02:15 AM
autodafe20's Avatar
Since: Jan 2011
Posts: 142
From what I've understood about it, if you can claim professional poker status (it's your main job) then it's total wins - total losses for the year.

If you are an amateur it get's really stupid. For tournamets and SnGs it's winning amount - buy in for each individual tournament that must be claimed. If you're not in the money then you cannot deduct that buy-in as a loss.

For Ring games it's what you leave with - total amount brought to the table for every single session. If you lose money it's non-deductible.

Given the ridiculous way the IRS figures the taxes for amateurs you could lose money over the course of the year and still owe the IRS taxes on it.
Thu Feb 03, 2011, 06:27 AM
Deleted user

Last edited by deleted_username; Thu Feb 17, 2011 at 11:57 PM..

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