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What is my responsibility to income taxes as a professional poker player?

Nick P asked:
I have been playing poker professionally for the past few months and semi professional for awhile before that. I’m wondering what my responsibility is going to be to income taxes? Obviously the government is going to wonder how my house payment is being paid every month when I’m not showing any taxable income. What am I going to have to do come next tax season? Would it be a good idea to somehow launder my income by opening up a front business? Any advice will be appreciated.

Thanks in advance!!

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4 Responses to “My responsibility to income taxes as a professional poker player?”

  1. Byrne H Says:

    Caffeinated Content

    You do need to pay taxes on your winnings! Fortunately, you will probably have some business expenses to partially offset them. It sounds like you might owe taxes from before, in which case you may want to go to a tax preparation website that helps people deal with prior year tax issues. I’ve linked to one below.

  2. Doctor Deth Says:

    Website content

    if you are winning money a casino or other legitimate place, you should be getting 1099’s or whatever they give for gambling winnings – you better be making quarterly estimated tax payments to fed and state or you could get nailed for underwithholding – penalties and interest plus teh taxes – you do not want to mess around with the IRS (or state tax agencies) – they can put liens on your property and freeze your bank accounts and take money from there – laundering money is ILLEGAL – jail time you will get

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