AnswerMan asked:
I know that theoretically, you might have to. But do people really report it? I’m asking because a friend of mine said he won $50,000 and had the winnings electronically transferred to his bank account. Would that transfer be reported to the IRS?
Skills of Poker
I know that theoretically, you might have to. But do people really report it? I’m asking because a friend of mine said he won $50,000 and had the winnings electronically transferred to his bank account. Would that transfer be reported to the IRS?
Skills of Poker
2 Responses to “Do you have to report large winnings from online poker sites on your taxes?”
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December 26th, 2009 at 4:58 am
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Yes. He should have gotten a 1099G from the online poker site. Penalties and interest are very high - I wouldn’t take the risk of not reporting it.
December 28th, 2009 at 1:36 am
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Yep, it would be reported, but you can also say you lost that much (or more) that year, and have it deducted from the winnings. You can claim gambling losses up to the amount of your winnings…I do it every year…