New York

paulpop

Dormant account
Joined
Mar 14, 2004
Location
New York City
Hi all,

I recently asked Bryan about the legality of playing online poker in NY and NV and he sent me this link and I thank him!

As far as reporting your winnings whether it is $1 or $100,000 I don't think the IRS will care how you got it...just the fact that you are reporting it and paying them would be just fine with them. I don't think it would be totally necessary to report $10 or even $1,000. However, if you win soomething that substantailly adds to your income, something like 15% and up I would say to report it. I am not a lawyer or anything but I am smart enough to know that Uncle Sam is not stupid! If you start paying for some things that could raise some eyebrows, you should account for where it came from or at least report it as income.

But what prompted my post is that if I were to win an online poker tourney for say $15,000 (which I haven't, unfortunately)...would a poker site be able to say to me, "We don't have to pay you because you live in NY and it's illegal to gamble online." Which is interesting, because of course they will take your money...but then they don't have to pay you? haha

I will say this Bryan made a great point, the fact that they advertise online poker rooms on tv in NY would make it seem as though it should be ok to play.

Just my 2 cents. Any thoughts?

Thanks in advance.

Regards,
Paul
 
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