Aug 20 2011

Piece Poker

Posted by admin in gambling

Piece Poker
if im making 2500 a month playing online poker does the IRS get a piece?

5000? 7000?

Yes, it counts as regular income, just as if you earned it at a job.

Other Income
Use line 21 of form 1040 to report income that is not reported on any other line. Do not use Line 21 to report income reported on a 1099-MISC (this generally is reported on Schedule C). Do not use Line 21 to report non-taxable income, such as child support, Roth IRA distributions, gifts received, or inheritances. Examples of amounts to report on line 21 include:
Foreign earned income
Prizes and awards,
Gambling winnings,
Jury duty fees,
Alaska Permanent Fund dividends,
Reimbursements for previously deducted expenses, see Publication 525 (PDF), “Recoveries,” page 19),
Distributions from a Coverdell education savings account (ESA) or qualified tuition program (QTP).
When reporting these amounts, write the type of income being reported and the dollar amount. For example, if you are reported jury duty pay, write “Jury Duty.”

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