Won a poker tournament on a cruise ship. I have no losses or no other winnings for last year, just the $1300. Do I have to report this on my taxes or is this winnings below the threshold to report and qualifies me to be exempt? Second part of question is, since I won on a cruise ship and a cruise ship is foreign territory since it is registered in the Bahamas, does that come into play with reporting gambling winnings on foreign soil?

Tamera

I am curious about a scenario where a person wins, say, $250,000 at a site like Full Tilt Poker. First off, can they just transfer the money into their bank account without any problems? After that, what kind of taxes will they have to pay? Are the any (legal) options that would reduce the total tax amount?

Shannon

I am curious about a scenario where a person wins, say, $250,000 at a site like Full Tilt Poker. First off, can they just transfer the money into their bank account without any problems? After that, what kind of taxes will they have to pay? Are the any (legal) options that would reduce the total tax amount?

Belinda

If I were to win say, $100,000 playing online poker, I know the government wants to tax me on that. What happens if I don’t withdraw the money from my account? Do I pay taxes on it? What if I withraw just a little bit at a time over several years, do I have to report it?
I am in the U.S (Virginia), by the way.

Birdie

If I were to win say, $100,000 playing online poker, I know the government wants to tax me on that. What happens if I don’t withdraw the money from my account? Do I pay taxes on it? What if I withraw just a little bit at a time over several years, do I have to report it?
I am in the U.S (Virginia), by the way.

Charlotte