Playing poker online is extremely popular even with the restrictions placed on the ability to transfer funds to the poker sites. Poker players need to be aware, regardless of whether the game is played in a regular casino or online, taxes are still due for any winnings.
IRS Ruling on Poker
Starting in 2008 the Internal Revenue Service required all casinos and sponsors of poker tournaments to report any poker winnings of more than $5,000.00 to them. This was a significant change in the law and demonstrated that the IRS realized poker could be big business. What is particularly interesting is that in the same article, the IRS specifically pointed out, "The IRS reminds tournament winners that, by law, they must report all their winnings on their federal income tax returns. This rule applies regardless of the amount and regardless of whether the winner receives a Form W-2G or any other reporting form. This is true for 2007 and earlier years, and will continue to be the case after the new reporting requirement goes into effect."
The IRS did not make a distinction between live poker winnings, in what are commonly referred to as "brick and mortar" casinos and online casinos.
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