Curious? How do all the pro US players pay taxes on gaming winnings?

    • Magicmage19
      Magicmage19
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      Joined: 15.12.2011 Posts: 9
      I was always wondering; between 500k coinflips, exotic casino's, home games, million dollar pots, and winning in other countries. How do the pros keep track of all there gambling winnings, whether online or in person, and pay taxes on them.

      Do they have to pay after each big win, or keep reciepts for the whole year. I always wondered.

      And sidenote, what kind of banks give out stacks of 50k in cash to play with? Isn't it only casinos capable of doing that. You wouldn't exactly walk into a bank of america and ask or 50k in cash.

      If anyone knows would love to discuss, I was always very curious!!
  • 3 replies
    • brobz
      brobz
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      Joined: 22.03.2011 Posts: 569
      same here..In Canada we don't pay taxes on gaming winnings.

      Phil Gordon always talks(at least I read it once..lol) about recording every session in a book he owns all the time and then filing it. After a night of poker he'll always record win/loss, time played, etc etc. I imagine they then file it in their homes and then pay the taxes when the time comes??

      When they play online, all that is done for them with programs, HEM, PT. They can probablly just print out screenshots and mail it in with their tax forms.

      Anyways thats my take, but it sounds like you might have already known most of this..hope it helps.
    • bmfbpi
      bmfbpi
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      Joined: 16.09.2008 Posts: 590
      they have tax advisors who do this for them
    • Magicmage19
      Magicmage19
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      Joined: 15.12.2011 Posts: 9
      It should be like that everywhere to be honest (*should move to canada lol). But there are countries that tax it way worse so I cannot complain.

      But no thank you I actually did not know that, and the phil gordon thing makes a lot of sense. Now that I think about it i saw something that phil laak did as well. but he like charted it every month kinda LIKE a Poker Tracker. So i guess it makes sense. I also would figure they would hire someone to do all that for them, I just didn't think of it lmao