Do I Have To Pay Taxes On My Poker Winnings?

professional poker player taxes
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Yes, all income is taxable whether it is in poker tournament winnings or anything else Even income from illegal activities is taxable If you

For professional gamblers, all gambling winnings and comps will be reported as business income on Schedule C, with allowable losses and other The actual income tax rate regular workers pay also applies to all winnings Professional players must report their profits and expenses through

g777 slot This means there there is no way to avoid paying taxes on gambling winnings Gambling income isn't just card games and casinos; it also includes winnings from When Mr Cohen filed his taxes, he claimed the $122,000 loss as a business expense, arguing he was a professional player and entitled to the