King.com & U.S. Income Taxes..

[dpaull414]

I like playing on King, I like making money, but I don't want to be a tax cheat. More specifically, I don't want to be a tax cheat, get caught, and make my life much more complicated. So does anybody actually pay taxes on their king.com winnings? And how do you track/handle it?

It's nice (sorta) that WW reports income to the irs and sends you a 1099-MISC. makes things easy. Since king.com doesn't do that, I guess you need to track it yourself?

Do you guys just cut/paste that account statement into a spreadsheet, sum up the prizes, sum up the entry fees and report the difference as income?

Anybody report king.com income & get audited by the IRS and not have any problems with the way their king.com income was handled?

The complication I see is that at least on WW for tournaments you enter and don't get a prize, you have to itemize that out. That would not seem to be real easy to do with king.com since their account statement doesn't have tournament names and the tracking id's seem really odd..

TIA,
don

[msufan]

the silence you get might be deafening on this one

[Kworb]

I'm from the Netherlands but I've never reported my winnings. I'm not even sure whether I have to pay taxes at all. When I do my taxes there is no income box where it actually fits, cause they are not games of chance. The law is a bit behind on this one.

Also I keep a lot of it in my Paypal account, and our IRS can't access that info anyway unless they suspect criminal activity is going on. So the income is basically invisible. Money from Paypal to my bank account might as well be stuff I sold on eBay (which is not taxed either).

[dpaull414]

lol!

Well maybe I'll be the first fool to report the income and in some cubicle in the basement of IRS HQ somebody is going to go "Hmm, what is this income reported from some website called king.com, maybe I should check that out". And then the party will be over for everybody.

But seriously, not reporting income can be a big deal, doesn't anybody worry about getting audited and the IRS getting cranky? And I think knowingly not reporting the income makes it fraud which is an even bigger potentially criminal (not just a fine) deal.

the silence you get might be deafening on this one

[thice]

I'm from Germany and thought about the same problem once. I even asked my tax consultant, who was a bit uncertain in that case. The closest he knew to skillgaming was online Poker, and we do not need to pay taxes for that here.

[Jacob]

the silence you get might be deafening on this one

hehe...