Gotya and taxes

[Mygirl]

Does anyone know how taxes work for the US residents on this site? They don't really list anything about it in the FAQs so I'm hesitant to really get into playing a lot on this site.

[dpaull414]

I would assume it is like king.com. They don't send any info to the IRS. So it's up to you to keep track of and report your winnings. And I'm sure every US resident who wins at King.com reports that income and pays their tax obligation. I know I did because I figure if I ever run for public office, I figure they look into your background pretty good, and I wouldn't want to defend being a tax-cheat. Plus as part of the 1% I just want to do my part to make us look better.

Does anyone know how taxes work for the US residents on this site? They don't really list anything about it in the FAQs so I'm hesitant to really get into playing a lot on this site.

[Mygirl]

I would assume it is like king.com. They don't send any info to the IRS. So it's up to you to keep track of and report your winnings. And I'm sure every US resident who wins at King.com reports that income and pays their tax obligation. I know I did because I figure if I ever run for public office, I figure they look into your background pretty good, and I wouldn't want to defend being a tax-cheat. Plus as part of the 1% I just want to do my part to make us look better.

Thanks dpaul. I don't really pay on king.com for that reason either. I know paypal now is going to send you a tax form if you channel in more than 20k (i think its that much) through them and aren't pay outs through paypal? So would that count or would you have to double it up on the taxes? And I didn't see anything that tracks your winnings on the site besides it telling you how much money you have on the upper top bar so I'm not even sure hw to go about tracking it?

[theartsyone]

...And I'm sure every US resident who wins at King.com reports that income and pays their tax obligation...

I'm sorry, this really made me laugh. Not that I'm against paying taxes since it's part of adult life, but given the number of comments on various locations from people who are thrilled that paying taxes on money won from king is something they have to do on their own I'm floored to read something contradictory.

[dpaull414]

I think I posted a question on this forum once about taxes and all I really heard was crickets chirping....

maybe I'm the first person to actually declare income from king and pay taxes on it. I'm just a realist. At some point I will get audited. And I have no clue what that entails. If they can look at my bank statements, they're going to see some transfers from paypal or midasplayer.com. & I suspect they'd want to know what those are. And I know what those are. And I don't think lying to the IRS would be a particularly good tactic. And I think telling the truth is going to expose that I knew I should declare that income. And I figure that would be unpleasant.

King doesn't make it easy to track. I was cutting/pasting the account statement into an excel spreadsheet so I could track the same thing WW does (entry fees tournaments won, entry fees tournaments lost, winnings) but then I didn't do it for a month and king's statement didn't go back far enough. So basically I just tracked what I withdrew. I keep a small balance at king and I only deposited a couple of times to get the 30% bonus. So my withdrawal amount is pretty much all earnings. I figure close enough.

I'm sorry, this really made me laugh. Not that I'm against paying taxes since it's part of adult life, but given the number of comments on various locations from people who are thrilled that paying taxes on money won from king is something they have to do on their own I'm floored to read something contradictory.

[theartsyone]

I think I posted a question on this forum once about taxes and all I really heard was crickets chirping....

maybe I'm the first person to actually declare income from king and pay taxes on it. I'm just a realist. At some point I will get audited. And I have no clue what that entails. If they can look at my bank statements, they're going to see some transfers from paypal or midasplayer.com. & I suspect they'd want to know what those are. And I know what those are. And I don't think lying to the IRS would be a particularly good tactic. And I think telling the truth is going to expose that I knew I should declare that income. And I figure that would be unpleasant.

King doesn't make it easy to track. I was cutting/pasting the account statement into an excel spreadsheet so I could track the same thing WW does (entry fees tournaments won, entry fees tournaments lost, winnings) but then I didn't do it for a month and king's statement didn't go back far enough. So basically I just tracked what I withdrew. I keep a small balance at king and I only deposited a couple of times to get the 30% bonus. So my withdrawal amount is pretty much all earnings. I figure close enough.

Since all my transactions are through paypal, for all the sites I game on, I just track it there. Every payment I receive over $600 net (less deposits) is what I consider other income. Depending on how much a player deposits, they probably won't have any taxable income--but for those of you are high rollers it would be smart to avoid tax fraud.