Forgive me if this is someplace else, or been asked before.
Since online gabling is not-so-legal in the US, how does everyone handle the taxes come April 15?
Do some of the poker rooms send you a tax sheet at year end for cash-outs? I doubt it, since none of them are located within the US.
So, I'm sure my wimpy $120 free-roll win will not throw up any flags, but what about you folks who cash out quite a bit more than that? How do you work the taxes come the first of the year?
I have yet to break it to my in-laws, that I have this new hobby.
Father-in-Law is our tax preparer (CPA) and also a Post-Master for the USPS, so needless to say, might not find out about my $120 this year.
(he retires this January after some 35+ years of service).
I'm not concerned about making any more money than that this year, as I've reported in another thread I started about making a commitment to myself not to spend real money on this until 2006. But, I thought it brought up a point that next year, it will be an issue (think positive, think positive, think positive).
So, I just wonder if these rooms "report" any profits you made, and how anyone reports the winnings on their taxes (depending on if the rooms report or not).
Hiding a couple thousand for an individual is easily done, but it seems like there are some folks out there (maybe here? ) who clear that per month.
