The guy who is stupid for playing poker

[pvfan]

Just won 13 G's playing in an online tournament. Dont guess my luck has ran out yet. Sorry, just had to do an I told you so to all the conservative republicans. [img]/LDPforum/ubbthreads/images/graemlins/beer1.gif[/img]

EDIT by CoeburnCane:

Guys--it's over with. Let's leave this subject and move forward. If you'll notice, I've locked every thread this has been discussed in, hoping everyone would take the hint and go on. This is the last hint. The next person involved in this that instigates anything concerning PVFAN's gambling to try to start an argument between the parties involved, will have some kind of discipline taken against them (i.e.--two day timeout, week-long ban, etc).

I really like all the posters involved in this back and forth, and hate to step in, but I've locked two other threads already--and this is the third one. That's ridiculous, and it's not like any of you to let something like this drag on. Let it go.

[imported_trumpet1988]

I thought it was over. [img]/LDPforum/ubbthreads/images/graemlins/confused.gif[/img]

Personally, although I don't agree with gambling (not relevant), I don't care anymore.

[burton2019]

What's wrong with gambling?

[Ironlung]

Gambling is duh debil.

just dont reply to his posts and its over.
You guys all beat a dead horse.

[mm38nut]

Yes I too thought that it was over...I think TheBeast has quit stooping to his level...Oh yeah cool move there slick now everyone knows how much you won on here how long before the IRS finds out.....Sometimes we should brag, especially where we have enemies....Think before you boast your winning oh here to prove a point...Anyway, I'm done here...

[Biggin]

way to totally be a moron.

jealously I think, he just won more in one night than you earn in three months.

[burton2019]

Congrats man.

[imported_six4three]

how much taxes do you have to pay on those winnings?

[imported_elp6n]

Since it was asked I just lifted this from irs.gov
(I'm personally gambling neutral.)

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.
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Gambling Winnings
Income tax is withheld at a flat rate from certain kinds of gambling winnings.

Gambling winnings of more than $5,000 from the following sources are subject to income tax withholding.

Any sweepstakes, wagering pool, or lottery.

Any other wager if the proceeds are at least 300 times the amount of the bet.

It does not matter whether your winnings are paid in cash, in property, or as an annuity. Winnings not paid in cash are taken into account at their fair market value.

Exception. Gambling winnings from bingo, keno, and slot machines are generally not subject to income tax withholding. However, you may need to provide the payer with a social security number to avoid withholding. See Backup withholding on gambling winnings, later. If you receive gambling winnings not subject to withholding, you may need to pay estimated tax. See chapter 2.

If you do not pay enough tax through withholding or estimated tax, you may be subject to a penalty. See chapter 4.

Form W-2G. If a payer withholds income tax from your gambling winnings, you should receive a Form W-2G, Certain Gambling Winnings, showing the amount you won and the amount withheld.

Report the tax withheld on Form 1040, line 64.

Information to give payer. If the payer asks, you must give the payer all the following information.
Your name, address, and social security number.

Whether you made identical wagers (explained later).

Whether someone else is entitled to any part of the winnings subject to withholding. If so, you must complete Form 5754, Statement by Person(s) Receiving Gambling Winnings, and return it to the payer. The payer will use it to prepare a Form W-2G for each of the winners.


Identical wagers. You may have to give the payer a statement of the amount of your winnings, if any, from identical wagers. If this statement is required, the payer will ask you for it. You provide this statement by signing Form W-2G or, if required, Form 5754.

Identical wagers include two bets placed in a pari-mutuel pool on one horse to win a particular race. However, the bets are not identical if one bet is "to win"? and one bet is "to place."? In addition, they are not identical if the bets were placed in different pari-mutuel pools. For example, a bet in a pool conducted by the racetrack and a bet in a separate pool conducted by an offtrack betting establishment in which the bets are not pooled with those placed at the track are not identical wagers.

Backup withholding on gambling winnings. If you have any kind of gambling winnings and do not give the payer your social security number, the payer may have to withhold income tax at a flat rate. This rule applies to keno winnings of more than $1,500, bingo and slot machine winnings of more than $1,200, and certain other gambling winnings of more than $600.