Poker income and a company?

    • kpoker33
      kpoker33
      Basic
      Joined: 02.04.2012 Posts: 3
      Hello,
      I have a question for pros\accountants or anyone that has understanding in this field.
      today for most of the pros (if not all) poker is considered as a business and so does governments taxing it. also the profit and income aspect of poker is similar to Forex(calculated risks to make profit).
      is it possible to run the poker income as a professional player through your own company(just like forex)? to ask for pokerstars to withdraw the money with a statement to your business account to your company name?
  • 7 replies
    • grbell
      grbell
      Bronze
      Joined: 31.05.2014 Posts: 102
      In the UK no tax is payable on online gambling winnings - poker or otherwise. It does not matter whether you are a professional or amateur. The bookmaker/online casino operator are the ones who are liable to pay duties to the government. Outside the UK the rules will be different. You should of course keep records if the sums are significant to prove your income has come from poker/gambling.

      If you require information about another country I suggest you mention which you are from and I'm sure someone will help.
    • VorpalF2F
      VorpalF2F
      Super Moderator
      Super Moderator
      Joined: 02.09.2010 Posts: 9,091
      Originally posted by kpoker33
      Hello,
      I have a question for pros\accountants or anyone that has understanding in this field.
      today for most of the pros (if not all) poker is considered as a business and so does governments taxing it. also the profit and income aspect of poker is similar to Forex(calculated risks to make profit).
      is it possible to run the poker income as a professional player through your own company(just like forex)? to ask for pokerstars to withdraw the money with a statement to your business account to your company name?
      Hi, kpoker33!
      Awesome first post!

      As grbell said, the rules regarding this vary from country to country.

      It is not just the net winnings at the table that need consideration.
      The cost of the equipment, the cost of coaching / learning materials etc all need to be considered.


      Some jurisdictions will allow these deductions, some won't.

      Best of luck,
      VS
    • kpoker33
      kpoker33
      Basic
      Joined: 02.04.2012 Posts: 3
      well iam from Montenegro, iam less interested in deductions and more interested to know if its possible to cashout to a business bank account for a company ie named "X" with some kind of mail from pokerstars proving to the bank it is an income and where it comes from.
      lets assume i will not deduct anything at all..
      also important to say ineed my company to make somekind of income for me to continue staying in this country thats the main reason i want to run my profits through the company and pay taxes this way
    • VorpalF2F
      VorpalF2F
      Super Moderator
      Super Moderator
      Joined: 02.09.2010 Posts: 9,091
      Originally posted by kpoker33
      well iam from Montenegro
      Hi, kpoker,
      Well, the people that you should be asking are:
      :diamond:   The poker room. "Can I used a bank account in the name of a business to transfer money in and out of your poker site" etc.
      :diamond:   The Montenegro taxing authorities. "Am I allowed to designate my online poker winnings as business income" etc

      Anyone at PokerStrategy.com who gives you an answer is guessing. Even if they did it once a year or so ago, things change. They may have done it, and all went well, but it may have been illegal.

      Before making any decisions where your money is involved -- get the facts and get them right.

      Best of luck,
      VS
    • Skodljivec
      Skodljivec
      Bronze
      Joined: 17.12.2011 Posts: 5,709
      Hi,

      as far as i know pokerstars has a team of legal aides in every country they operate, so if you send them an email they will ask that team to give you a perfect explanation on the subject.

      Regards,

      Skod
    • Agiz19
      Agiz19
      Bronze
      Joined: 19.03.2007 Posts: 1,119
      .....you cant cashout to firms.....balkan boy open the skrill account and go to the bank for a prepaid visa/mastercard to make a deposit on it ans then use is as it is......
    • Anssi
      Anssi
      Black
      Joined: 03.07.2008 Posts: 2,173
      (First of all, I'm not sure why this is in Stars subforum)

      I'd imagine in most countries where poker winnings are taxable they fall under income tax which lets you deduct a lot of expenses (in many cases, also from past years like flights/hotel for live events, your computer, even Holdem Manager. Of course, you can probably just use some local non-poker forum and ask there.