Online Poker Earnings - Frequently Asked Questions

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Online Poker Earnings - Frequently Asked Questions

Posted on May 9, 2008 - Filed Under Arts and Entertainment

Online Poker Earnings Do I have to report Online Poker Earnings for taxes?

Depending on the country you reside in yes. It is recommended that any income that you make from playing poker should be reported to IRS or Revenue Canada in US and Canada.

This income is taxed as regular earned income, so the for example the United States government gets about 30% of it. Small amounts of online poker earnings may not be a big deal, but if you win a large amount of cash, many online casinos will not give you your money until you fill out your tax forms.

If the government in your country finds that you have made a lot of your income from playing poker and you do not report it, then you could be in for a world of hurt. In some countries you can also claim losses on your taxes from poker losses as well. Check with your federal government for more information.

Where can I track Online Poker Earnings?

There are several sites that allow players to track other player’s earnings and their own earnings. One very popular site is Sharkscope.com. They allow you to type in the user name of the player you wish to analyze and then look at their earnings.

Several other sites exist, all you have to do is search through a major search engine and you will get a huge list.

Can I make Online Poker Earnings without investing money?

Yes. Almost all poker sites today offer freerolls. These tournaments do not cost anything to play. Some sites may require credit card information once you want to cash out your money.

Can I make Online Poker Earnings in the US?

Yes. There are a number of sites you can still play on. Full Tilt allows Americans to play. There are several other sites that allow Americans and several US players use e-passport for transactions.

Can I transfer Online Poker Earnings?

Yes. Many poker sites allow you to transfer earning to other players or to you bank or an internet third party such as e-passport. Once you transfer the money you can either transfer to your bank account or to another player or poker site.

Where can make the most Online Poker Earnings?

This question is a difficult one to answer and requires more in depth discussion. However the best places online would be sites that have many players. The reason is that you are more likely to find worse players who you can advantage of.

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