Poker and the Law

Hello,

I’ve started playing poker just recently. First I tried playing at poker rooms that offer free play. Right now I want to start playing online for real money but I’m bothered about the law, particularly about declaring my winnings. I know I look like paranoid and sound silly but I just don’t want to have any headache specially if related to taxes and all. Your thoughts?

Thank you.

Best regards,
Justin
Justin,

If you are a winning player, then you might want to consider hiring an accountant to do your taxes in regards to declaring your gambling winnings. By law, if you win more than $400 in a year, you must declare your winnings. Now, you can declare gambling losses against your wins, but only up to the amount of your wins.

Tags: free play, gambling winnings, online, poker, poker rooms, real money, taxes

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