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What are the tax implications of winning online poker?

DBADiver asked:
If I were to win say, $100,000 playing online poker, I know the government wants to tax me on that. What happens if I don’t withdraw the money from my account? Do I pay taxes on it? What if I withraw just a little bit at a time over several years, do I have to report it?
I am in the U.S (Virginia), by the way.

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2 Responses to “What are the tax implications of winning online poker?”

  1. ami Says:

    This is income from gambling. You must report it and you will be taxed accordingly. It doesn’t matter how you withdraw it. You will receive a W2-G which will how your winnings and that must be put on your Form 1040. If you had any LOSSES, you can deduct that, but only up to the amount of your winnings. So if you lost $1000 you can deduct $1000. But if you lost $105,000 you can only deduct $100,000.

  2. extra_37 Says:

    Withdrawing the money has nothing to do with it being taxable. It became taxable when you won it. You can deduct your losses, though, as miscellaneous itemized deductions to offset the winnings. And being a US citizen, you are taxed on your worldwide income, not just on that earned in the US.

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