Joined: May '12
Location: United Kingdom
Age: 38 (M)
Posts: 2064
Really hope something happens on this soon. But as I have more than just a passing interest in the outcome, and I've been following intently, I'm not too confident.
Joined: Nov '11
Location: United Kingdom
Age: 67 (M)
Posts: 3361
well i think we all know at least one player who will be pleased about this,although nothing is definite yet Greenmohave will be hoping it does happen.
Joined: Jan '11
Location: United States
Age: 60 (M)
Posts: 3361
Thanks for posting the information and although this would be different then what anyone is or has been used to here in the states. This would and may open the door to allow internet poker / gambling in the states, but it will also impose a tax on specific amounts won. As it states regulate these potential internet gambling sites in the same manner as casinos, but I don't give two poops about that. Let them tax someone if they win $1200.00 (I think that's where it's starts in casinos) or more.
Hopefully something will happen, but I'm sure this will be totally separate from Fulltilt or current sites. They'll be new ones to ensure U.S. regulations are implemented and abided to. Not saying fulltilt or PS couldn't tax U.S. players, but it just may be enough to keep U.S. players off their sites. We'll see!
Joined: May '12
Location: United Kingdom
Age: 38 (M)
Posts: 2064
Greenmohave... I'm in a fairly unique position to be able to comment on a few points in your post...
I live in the UK, where online gambling is allowed - I have lived in the US in the past - and I'm an accountant (or bean counter as you'd say ) so I understand the tax implications.
Here's the thing - If gambling winnings are taxable, then poker losses MUST be tax deductible. You cannot have one without the other.
Here in the UK, Poker sites pay taxes on their profits - the same way any company would. So rake is taxed in effect and nothing else. Disregarding rake, the winnings and losses are exactly even - meaning the tax dollars would equal zero from players winnings and losses.... IF everyone declared their winnings AND everyone declared their losses.
Now think about it - given the chance, everyone WILL declare their losses, but not everyone will declare their winnings. Meaning that if you make it taxable - it will actually cost the government money.
....As I harbour hopes of moving back to the US one day, I really hope they find a solution to this soon.
Joined: Feb '12
Location: Canada
Age: 64 (M)
Posts: 6036
It could be a year or 2 before that bill passes,...if it actually does,...and it probably will, but it has to get through the House of Representatives,...then the Senate,...then it has to be signed off on by the President of the day,....which will either be Obama,...or Hillary. I just don't think the Republicans are going to see any Presidency for quite a while...
That might be a tough bill to get passed by the Democrats,...but you never know.
very interesting post yout85 and thanks for all this explanation. As you are saying, if they want to make players pay taxes out of their winning, they would have to deduce looses on the tax report also and major part of players, if not all, will declare all their loss and forget to declare lots of their winning ... so don't think this is a vital situation
Posted by yout85: Greenmohave... I'm in a fairly unique position to be able to comment on a few points in your post...
I live in the UK, where online gambling is allowed - I have lived in the US in the past - and I'm an accountant (or bean counter as you'd say ) so I understand the tax implications.
Here's the thing - If gambling winnings are taxable, then poker losses MUST be tax deductible. You cannot have one without the other.
Here in the UK, Poker sites pay taxes on their profits - the same way any company would. So rake is taxed in effect and nothing else. Disregarding rake, the winnings and losses are exactly even - meaning the tax dollars would equal zero from players winnings and losses.... IF everyone declared their winnings AND everyone declared their losses.
Now think about it - given the chance, everyone WILL declare their losses, but not everyone will declare their winnings. Meaning that if you make it taxable - it will actually cost the government money.
....As I harbour hopes of moving back to the US one day, I really hope they find a solution to this soon.
This is true from the business aspect. In the US citizens are taxed on winnings from lotteries, game shows, and gambling. They must pay a Luxury Tax which is deducted from the winnings, then, they can collect the balance. Of course there is a paper trail to fall back on in the event of a dispute. Can see this shaking out as a tax paid at the source at the point of a withdrawal. Don't see the US changing this revenue stream policy any time soon. The average person is going to take the hit. Think one would have to prove the money was earned as a primary source of income, say as a licensed business, in order to benefit somewhat tax wise. Don't see the US handed out poker licenses to anyone who wants one, for the average person they'll be stuck between a rock and a hard place for some time to come.
Joined: Aug '10
Location: Germany
Age: 52 (M)
Posts: 2219
The us poker market is the biggest in the world and the "home" of poker. They can start a new online poker boom in the next years. I think they open the us market in the near future for all players.
Joined: Sep '12
Location: Romania
Age: 33 (M)
Posts: 1052
That mean the US player can play again poker on Full tilt poker, Pokerstars, 888, Partypoker, PKR and other site soon? I think a lot of player will move back on US at their home and live their life again like before BLACK FRIDAY.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
If you make it taxable it will cost the government money only if they dont get paid the amount that they have specified by some evading taxes. Its how you think about it. Cause if they dont implement any taxes on it they wont lose a single cent out of it
) so I understand the tax implications.
