All Forums | Poker

Question About Online Poker

...
Participants:
Search model icon
Views: 727
Posts: 18
 
Legend
Participation Meter
Joined: Mar, 2006
Posts: 68277
Posted: #1
Yes...I am a total "newbie" when it comes to real money with online poker. I don't want to toot my own horn but I'm pretty good(but obviously that can change since I've never faced these online guys). Hypothetically speaking here. Say I win $100k(once again, hypothetically so please don't get on my case). How could I withdraw that without getting questions from certain figures and get busted? I know many of people do this, but how would I collect? Would it be taxed? Do I have to do something offshore(something my friend talked to me about)? What exactly do I do. I'm a bit hesitant when it comes to these kinds of things but I really want to do it.
 
Please...don't start and shit in this thread. I just would like answers. Thanks in advance for any help that I get.
 
 
Banned
Participation Meter
Joined: Feb, 2009
Posts: 379
Posted: #2
Sparky,

I have never got to the point to be able to withdraw 100k or anything over 500 to be honest but I may be able to help a little.  As far as I know taxation on things won in online poker are the same as if you had won at an offshore sports book.  It is up to you to report the taxes.

I am not sure how online poker handles it if you win something like 100k in one tournament.  I would assume they just credit it to your account and then you can withdraw as you please, but not sure.  Now of course when you go to withdraw you would probably want to keep the increments under 10k at a time if you plan on trying to keep it off the radar of the irs.  Anything transaction above 10k,  banks have to report it to the irs.  If you plan on reporting it on your taxes then no worries and you can deposit the max that the online poker site allows. 

Hope this helps.  
 
Legend
Participation Meter
Joined: Mar, 2006
Posts: 68277
Posted: #3
Quote Originally Posted by jhonea999:

Sparky,

I have never got to the point to be able to withdraw 100k or anything over 500 to be honest but I may be able to help a little.  As far as I know taxation on things won in online poker are the same as if you had won at an offshore sports book.  It is up to you to report the taxes.

I am not sure how online poker handles it if you win something like 100k in one tournament.  I would assume they just credit it to your account and then you can withdraw as you please, but not sure.  Now of course when you go to withdraw you would probably want to keep the increments under 10k at a time if you plan on trying to keep it off the radar of the irs.  Anything transaction above 10k,  banks have to report it to the irs.  If you plan on reporting it on your taxes then no worries and you can deposit the max that the online poker site allows. 

Hope this helps.  

It helps a lot. I appreciate it. If I ever got to that spot I'd have to think about what I would choose to do(probably the right thing and report the taxes ). But isn't online poker technically illegal? How could tax your winnings? I've always used a local in sports betting and I had a runner so I never worried about anything. It was all cash transactions.

 
Banned
Participation Meter
Joined: Feb, 2009
Posts: 379
Posted: #4
Quote Originally Posted by Sparky10191:

It helps a lot. I appreciate it. If I ever got to that spot I'd have to think about what I would choose to do(probably the right thing and report the taxes ). But isn't online poker technically illegal? How could tax your winnings? I've always used a local in sports betting and I had a runner so I never worried about anything. It was all cash transactions.







 
Banned
Participation Meter
Joined: Feb, 2009
Posts: 379
Posted: #5
sorry accidently hit submit.  I am still trying to figure out the legal/illegal part of online poker and offshore books myself.  I think basically the us govt looks the other way for the most part because there isn't too much they can do about it without pissing of the world even more by trying to govern businesses in other countries.  The one thing they have tried to do is restrict the flow of money, but the books and poker sites have figured out ways around that.  

They expect you to report your winnings from a local or vegas cash transactions, but there is no record of the transactions so its easier to get away with unless you are living way above your reported salary (owning 3 ferraris is a bad thing if you report 50k a year, haha).  The concern I have about getting checks from online poker or books is that if you get a check in the mail and even just cash that check, there is still some sort of paper trail.  If you don't ever get audited it will be fine, but in the event that happens its probably worth it just to report it.

    
 
Banned
Participation Meter
Joined: Feb, 2009
Posts: 379
Posted: #6
someone feel free to correct me if i am giving bad info here, this is all to the best of my knowledge
 
Legend
Participation Meter
Joined: Mar, 2006
Posts: 68277
Posted: #7
I hope everything you said is right because I understand it all.  And check would be the only way I would recieve the money($2,500 max withdrawal).
 
 
Anybody ever collect $10k+? Maybe they'll understand the legal thing a little better then us.
 
Captain
Participation Meter
Joined: Oct, 2004
Posts: 6724
Posted: #8
Sparky, your aspirations at online riches are admirable, but I think you are getting WAY ahead of yourself.  Just go with a solid online poker site like PokerStars or Full Tilt, as they WILL pay if you ever hit it big.  I would not worry about the best way to withdraw large sums of money until you have that luxury.  If you are ever one of fortunate few lucky enough to cash big in online poker, then come back on this site for advice from a multitude of people much sharper than me regarding taxes, banks, etc. 
 
Good luck with your endeavor.  Dealing with a solid company should be your only concern at this point.   
 
Veteran
Participation Meter
Joined: Feb, 2008
Posts: 1677
Posted: #9
One option that will work for withdraws is see if your book allows personal withdraws.  Say it is in Antigua.  Go collect and live it up and bring some back, have your girl, your mom....all carry some back.  100k no but if you do well you can...
 
The other side...they may shut you down
 
Prospect
Participation Meter
Joined: Aug, 2008
Posts: 107
Posted: #10
I am not an accountant.  But, from an IRS perspective, they don't care if an activity is legal or illegal.  If you gain cash, you have to pay tax on it. As silly as it sounds, if you make money from bootlegging, blackmail/extortion, embezzlement/ theft, or fraud, you must pay taxes on it.  And those examples are taken directly from the 2008 US Master Tax Guide (paragraph #787).
 
So, you have to pay taxes on gambling winnings.  Whether or not the gambling is legal or not is another matter.  Gambling losses, though, are deductible.
 
Legend
Participation Meter
Joined: Mar, 2006
Posts: 68277
Posted: #11
Thanks For the help...
 
Does FullTilt accept Mastercard? It's not working for me.
 
Veteran
Participation Meter
Joined: Feb, 2008
Posts: 1677
Posted: #12
Book accounts are perfect off shore accounts!
 
 
 
Veteran
Participation Meter
Joined: Jul, 2008
Posts: 3554
Posted: #13
I'll let you know about big withdrawals after I take down one of these WCOOP events. 
 
I just won my way into Event 2 which is tomorrow. 
 
Captain
Participation Meter
Joined: Oct, 2004
Posts: 6724
Posted: #14
Quote Originally Posted by Sparky10191:

Thanks For the help...
 
Does FullTilt accept Mastercard? It's not working for me.

I have not used Full Tilt, but I know PokerStars has Instacheck option with Mastercard where the money comes directly out of your bank account.  That is as long as your bank is not one of those that blocks these tranactions.

 
Veteran
Participation Meter
Joined: Jul, 2008
Posts: 3554
Posted: #15
Quote Originally Posted by DannoDanger:

I'll let you know about big withdrawals after I take down one of these WCOOP events. 
 
I just won my way into Event 2 which is tomorrow. 

I just cashed in Event 2! 

 

 

For $308.25. 

 
Veteran
Participation Meter
Joined: Feb, 2007
Posts: 1374
Posted: #16

 



[/Quote]

Nice, I'm playing Event 6 and 9. Qualified for both first try
 
Veteran
Participation Meter
Joined: Jul, 2008
Posts: 3554
Posted: #17
Good luck.  I got into Event 2 through a $22 satellite, so I made a nicer profit than you would think.  I had my heart set on playing Event 13 (Stud is my favorite game), but it's on Labor Day.  My girlfriend has very few days off, and if I spend one of them parked in front of the computer, she'll kill me. 
 
 
Captain
Participation Meter
Joined: Dec, 2005
Posts: 7569
Posted: #18
All Forums | Poker
About Us
Contact Us
Careers
Our Team
Brand
Testimonials
Betting Guides
Sportsbook Reviews
Sports Betting News
Podcasts
Responsible Gaming
Sports Betting
US Betting Sites
Canada Betting Sites
Canada Casinos
Best Betting Apps
Contests
Streak Survivor
King of Covers
Ultimate Race
Office Pools
The Covers community has
618,670
lifetime members worldwide
Covers 25 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
Site Map Help Privacy Terms of Service youtube logo facebook logo twitter logo instagram logo linkedin logo google news logo
Covers is verified safe by: Evalon Logo GPWA Logo GDPR Logo GeoTrust Logo Evalon Logo
Copyright © 1995 - 2024 CS Media Limited All Rights Reserved.

If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.