Submit A Question

• John evans asks -

  This is my first year playing poker(which is my only job) Am I allowed to deduct my tournament buy ins from my winnings. The tax people I’m talking to stayed that needs idomized and that I can’t use my buy ins

   

• Josue Navarro asks -

  I have some friends that bought pieces of some poker tournaments I’m playing in. What form do I need to provide them when I pay out the profit shares that they won? Do I need to withhold their share of taxes too?

   

• Richard benson asks -

  If I play online poker at an offshore site and they pay me out in bitcoin, do I file that money under crypto on my taxes or under gambling income?

   

• Jon Eaton asks -

  I am not a full time poker player and only play in my spare time. I have full time employment. In 2019 I earned about $12,000 in poker income. When I entered this into my tax return software, it took my $800 refund and turned it into me owing about $800. I am assuming this is because I do not owe FICA on these earnings. I just wanted to verify with a professional before I send in my return that I do NOT owe FICA on this income!

   

• Nathan Braungardt asks -

  What do you do if you lost all poker tournament receipts and I won 31,000

  Answer

  Nathan, You will need to file a tax return that shows the total amount of gambling winnings and gambling losses for the year. This can be done in a number of ways, depending on your residency, so feel free to reach out directly. Thanks!

• ET asks -

  Will my cryptocurrency winnings be taxed?

   

• George Elias asks -

  Hi, I was recently in Las Vegas and had a couple of wins on the poker machines where I was taxed almost $900US on my winnings. I'm an Australian resident. Am I able to claim any of this money back?

   

• Matthew Parvis asks -

  Hi! What sort of backups do i need for my taxes with poker? Do i need to have buy-in receipts of every tournament i played?

  Answer

  You should keep all of your buy-in receipts for your records. They do not need to be submitted with your tax return, but could be helpful in the case of an audit down the line. You should also be tracking your play in a journal or log book to ensure each session is logged accordingly.

• william melanson asks -

  How is the US players playing online going to be taxed? I have been told if I deposit $200.00 and after time I cash out for $600.00 the entire $400.00 profit be will taxed. Is this true ?

   

• Kyle kenney asks -

  Hello my name is Kyle and I have a tax question regarding poker winnings I have recently been awarded. I won $28,000 and I am just an amateur poker player so I figure I will owe around $8,000-$9,000 in in taxes. My question is, since I owe around $8,000-$9,000 could I essentially freeroll the WSOP Main Event ($10,000 buy-in) If I can report losses up to the amount I owe, it seems like I would either cash in the tournament, or lose and just claim my $10,000 loss (up to the amount I owe) and not have to pay taxes agains my $28,000 win. Thank you for your help. Very respectfully, Kyle Kenney

   

• Roger asks -

  Does your company also provide tax assistance for DFS players and pari-mutuel gambling professionals?

   

• ralph picariello asks -

  my w2g is for 1,185,850.00 but i only netted 130,000 and so says my win loss statement how do you substantiate the loss

   

• Faith Klimczak asks -

  I live in South Carolina as primary residence, but also rent a place in Vegas to play poker. In February I closed my business (retail store), and intend to play poker professionally. I spoke with my local SC accountant & she said not to worry about deductions for current year (2015) (other than buyins & losses) because since my business was still open in Jan & Feb, I will still file as "store owner" for 2015, then switch to poker professional on 2016 return. Does this sound accurate?

  Answer

  If you are going to be playing professionally for the last 10 months of 2015, I would absolutely recommend tracking all of your expenses as well and filing as a professional. Since you have no other source of income and sold your retail store, you will be putting all of your time and effort into playing and I would recommend utilizing the professional status.

• Piotr Dembowy asks -

  Hello, 2014 was my first year playing as a professional poker player. I am looking for someone to do my taxes for me and you guys sound perfect. Can you tell me how much you guys charge please?

   

• Nick Aguilera asks -

  I recently been playing online and have won some money on multiple sites. Do I have to pay taxes on winnings after I have withdrew the money or right when I win it? Do losses get subtracted? Thanks

   

• John garza asks -

  I am 27 years old. This is my second year as a professional poker player. Last year I made around 40,000. This year I'm on the same target. How much do you charge for your tax services? I located in California.

   

• Roger asks -

  I'm an occasional tournament player. What related costs can I deduct when traveling to play in events (transportation, accommodations, food, etc.)?

  Answer

  If you are going to be filing as a professional player, you can deduct the following: airfare, mileage (if you drove to the event), food, lodging, taxis, entertainment and tips. If you file as an amateur, you will not be allowed to deduct any of these expenses.

• Eric Gilmore asks -

  I have a Oklahoma state tax question I just can't find the answer to. I am a texas resident (no state income tax), but play poker in Oklahoma. I am able to use my losses to offset my winnings at a federal level, but it appears that the state of Oklahoma is taxing me on my winnings without the losses taking effect. Do most states not allow you to offset you winnings with your losses? Do you guys know the answer the this question or are you more federal level?

  Answer

  Each state has its own way of treating gambling income. Most follow the federal policy, but others have their own way of treating it. From what we have dealt with, Oklahoma is one of the states that treats it the same way as federal tax.

• Cindy asks -

  I'm pretty new to tournaments and have only played in them in my home state of Nevada. If have I winnings somewhere that has state income taxes, will those be withheld?

  Answer

  Some states withhold taxes on tournament winnings and jackpots, while others do not. For instance, Louisiana will withhold 6% state tax on any jackpot or payout that generates a W-2G. Other states, such as New Jersey, will not automatically withhold taxes if a jackpot or payout generates a W-2G. In this case, it is the responsibility of the taxpayer to correctly report the income in New Jersey in order to handle the taxes accordingly.

• Eric asks -

  I'm self-employed, though not as a professional gambler. I play both cash games and tournaments. My gambling winnings and losses can vary widely from quarter to quarter. Do I have to include gambling winnings when paying estimated quarterly taxes early in the year even though my losses might ultimately offset this?

  Answer

  You are required to pay estimated taxes on all income on a quarterly basis, even if your gambling income and losses offset at year end. For instance, if you won $10,000 in the first quarter you would be required to send in estimated taxes on that amount. However, if you lost $10,000 in the second quarter you would not be required to make any estimated tax payments since you did not have any income from gambling that period. If you did not gamble in the third and fourth quarter you would be due back the tax you paid in the first quarter since your overall gambling income from the year would be zero.

• Tom asks -

  I play cash games regularly. What kinds of records should I be keeping?

  Answer

  You should track the date, location, game played, stakes, buy-in amount, cash-out amount, amount won/lost and how long your session lasted. It seems like a lot of information to track, but there are journals and poker apps that can help you maintain your poker records.

• Matthew Parvis asks -

  If i play poker, but also gamble in the pit at casinos. Am I able to offset offset my poker winnings, with the casino losses for tax purposes?

  Answer

  Yes, all gambling losses can be taken against all gambling income. We advise all of players to keep a log book that not only tracks their poker cash game session results and poker tournament results, but also any gambling they do throughout the course of the year. This includes slots, table games and sports betting. For players who have not kept a log book of this activity, we suggest having each casino print a win/loss report using your player card to give you an idea of your income or loss from other casino games.