Online Poker Players Must Pay Taxes

It almost seems like a recipe for trouble; online poker is still effectively illegal in the United States, so filing taxes on your online poker winnings seems like you are asking to get busted. Yet, not filing the taxes is a crime that has no real grey areas, so that route will defiantly get you in trouble. Gambling is not illegal everywhere in the US, so there are certainly rules about filing a tax report on gambling income, and the same rules apply for Internet gambling as well.

Gambling wins have to be reported by session, and all income has to be reported, even if it comes from a bank on the Isle of Man…

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Poker lexicon:

WHEEL - A-2-3-4-5. Usually discussed in the context of lowball where it is the best possible hand. Can also refer to a 5-high straight in high games. Also: BICYCLE.
OPEN-HANDED - A category of games characterized by a part of each player's hand being exposed.
POSITION - One's location in the betting sequence, relative to the players still in the hand. First position is first to act.
LATE POSITION - For a particular betting round, a player who does not have to act until most of the other players have acted.
REPRESENT - Implying, by one's betting style, that one has a particular hand.
LIVE [CARD] - In Stud, a card probably not held by other players.

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