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August 31, 2005

IRS wants to tax poker earnings....

The IRS has it's eye on taxing poker earnings! You had to know they would be looking at this at some point, what with the popularity of the game and all.

There is an interesting article that I got this from that you can read in it's entirity HERE

Some interesting tid bits....

"One of the few things going in the gambler's favor, at least until recently, is the difficulty the IRS has in tracking that income. Now the agency wants to change that.

"It's time to take a look at poker, which has become very, very popular, and see what sort of guidance we need to be starting here," IRS chief counsel Donald Korb said last week.

The first step, he said, will be to work out an improved system of withholding rules covering poker tournaments, and later on, perhaps broadening its reach."

They can basically cover ONLY winnings from brick and mortar casinos that you win in tournament play. I have no idea how they figure they can determine online winnings! LOL

I'm sure they rely on the basic honesty of the individual, and their inherent need to pay taxes! ;-)

Posted by fatbill at August 31, 2005 09:41 AM


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