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 glossary:

PASSED OUT. - A hand in which nobody opens. What happens next is a function of the game being played.
TOP PAIR - In flop games, having a hole card that matches the highest card on the board.
DRAW - [1] A class of poker games characterized by players being dealt 5 cards face-down and later having the opportunity to replace some of the original 5. "Draw poker" and "Five-card draw" are examples of usage. [2] In stud and Hold'em games, the set of cards that will be dealt later can be collectively called "the draw". [3] To discard some number of cards and have dealt an equal number of replacements.
SHILL - A card room employee who plays with House money, and does not share in any of his (her) winnings or losses. Shills are used to facilitate starting games, and keeping them going. Compare: PROP.
BIG BLIND - A blind bet, usually a raise of an earlier blind which would be called the SMALL BLIND. In limit poker, the BIG BLIND is usually the size of the minimum bet on the first round of betting.
ROYAL FLUSH - An ace-high straight flush, the best possible hand in regular poker.

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