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by: PokerManDan
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Should online poker players claim their winnings on their taxes?

This question cannot be given one blanket answer. It really depends on which country you are from. If from the US or Canada it is highly recommended that one should turn their winnings into the Canadian Department of Revenue or to the IRS to pay the correct taxes on what is owed.

An online poker income will be regarded as any other normal income could be. For people that reside in the US this could figure to be about 30% of their claimed winnings. If you are a player that wins small amounts of money you really need not worry about ever claiming this or there being any backlash for not doing so. Large amounts on the other hand are where problems could set in.

If you do happen to make a lot of money playing online poker and don't report it at some point down the road this could catch up with you and cause big problems. While filing earnings is indeed the right choice don't worry if you have made to much money. Under some tax laws you may be able to claim your losses and this should help offset some of your winnings.

Some websites have been setup so that you can track your earnings from playing poker online. Some of these sites will allow you to enter a players name and it will search a database and you can pull up lifetime winnings and losses from a particular site.

Being from the US and making money playing online poker can still be done. One of the sites that allows poker players still is full tilt poker and they have said an reiterated the fact that they do not see this practice stopping at anytime in the near future.

About the Author

Please take a minute and look at Pokerman Dan's two websites for the latest full tilt download and full tilt poker bonus code.

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