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01-04-2009, 07:48 PM
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Running The Tax Streets
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Join Date: Jan 2009
Posts: 28
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Taxes On Poker Winnings
Video Description: Russell explains some basic concepts regarding taxes for American poker players including, amateur vs pro, deductible expenses (LeggoPoker?), tournament winnings, and other topics relevant to almost every American player.
Video Link: http://www.leggopoker.com/videos/training/343/
Discuss here!
Last edited by Vitas23 : 02-23-2011 at 02:00 AM.
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01-04-2009, 07:51 PM
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grindin
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Join Date: Jan 2008
Location: Northern California
Posts: 8,687
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Re: Taxes On Poker Winnings
Huge thanks to Russ for making this happen, really great video!
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01-04-2009, 08:43 PM
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To The Top
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Join Date: Nov 2007
Location: Eastern Canada
Posts: 1,395
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Re: Taxes On Poker Winnings
This is really solid information for anyone who plays poker on a serious basis. Thanks a lot Russ!
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01-04-2009, 09:43 PM
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Associate
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Join Date: Nov 2007
Location: Salem, Oregon
Posts: 23
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Re: Taxes On Poker Winnings
Awesome presentation Russ
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01-04-2009, 10:46 PM
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The Godfather
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Join Date: Nov 2007
Location: Cambridge, MA
Posts: 1,159
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Re: Taxes On Poker Winnings
I'm watching this now, really well done. I'm learning lots.
__________________
-Rob
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01-05-2009, 12:38 AM
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The Yeti of Poker
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Join Date: Nov 2007
Posts: 536
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Re: Taxes On Poker Winnings
great video Russ, thanks a ton
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01-05-2009, 01:35 AM
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pwning everything
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Join Date: Nov 2008
Posts: 2,022
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Re: Taxes On Poker Winnings
havent watched it yet, but Im guessin there's not too much stuff for canadians?
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01-05-2009, 10:38 AM
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Running The Tax Streets
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Join Date: Jan 2009
Posts: 28
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Re: Taxes On Poker Winnings
Sorry, the video is for Americans or others who must pay US income taxes. I'm not a Canadian Chartered Accountant. I know the basic rule for Canadians, though: Amateurs don't pay tax on their winnings but professionals do.
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01-05-2009, 01:52 PM
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Soldier
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Join Date: Mar 2008
Posts: 74
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Re: Taxes On Poker Winnings
how many people here didn't keep a log of every session they played in 2008? what now?
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01-05-2009, 02:33 PM
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Soldier
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Join Date: Mar 2008
Posts: 74
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Re: Taxes On Poker Winnings
Russ-
When you talk about the self employment tax, you said it winds up being 12%-ish for pros. Now I'm guessing that's an additional tax to the taxes paid to government? Do you have any estimate of what percent an average tax player who makes 100k a year pays? What if they file as an amateur? If a player wants to set aside money for tax time, it's important to know approx how much one might have to pay at tax time. (I know it depends by state, but this is in a state not listed as bad in your presentation)
You say "if you have significant W2 income, it's hard to be considered a professional" -- I'm guessing you meant amateur there?
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