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So what is the legal status of cashing out in the US from a foreign poker site? My best guess from what I know is that the problem that could arise would be tax fraud. Is there any way to pay taxes on the earnings to avoid this? Is it just illegal in general to play online poker? has anyone ever actually gotten in trouble for playing?
i would think as long as you file your profits, you'll be OK. DOJ reversed it's stance on UIEGA that they used on Black Friday. Follow the money people... Gov't giving the establishment a leg up on getting into the online poker biz. Bi-partisan effort...
No player thus far, has ever gotten in legal trouble from playing online poker. Anything you do, legal or illegal is subject to US Taxes, so if you do not file taxes properly on the online play you are certainly subject to whatever rath the IRS has for not declaring taxes on the situation.Quote:
Originally Posted by bargangilo
it de4pends on how much anything won for 600 or less anywhere is considered non taxable
I wouldnt worry about it unless ur makin some serious cash! I few small cashouts,and u will be fine u start winning 10 20k or somethin I would make sure U file it!!!
Technically though if you make 5 bucks on online poker ur suppost to claim it! Im very interested to see how the tax laws will work once it is legal! They probbaly will tax the hell out of it and ruin it! To me its simple just tax ur profits for the year and that it, whats so difficult?
well I think we shouldbe able to spend our money however we like