Question:

Do you think the IRS can find out if i win lots of money from an online poker site such as full tilt poker?

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I"m looking at tournaments from full tilt poker and first place prize is a little over $137,000. Should you file it? How much will they take? How can they find out if you win prizes that big?

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  1. If the site doesn't report or make you sign a tax form, don't give you a check right away, then you can get away with it.

    Leave the money in your account and take out little by little.

    Don't deposit to the bank, find a check cashing service to cash it.  


  2. First off, I wouldn't be that worried about winning it.  It's not that easy!

    Secondly, they don't know if you win it until you try and access the money.  So if you win, the money is deposited into your Full Tilt account, and at that point it's like you never won it.  The IRS does not have access to Full Tilt account information.

    The problem comes when you transfer the money from your Full Tilt account to your American bank.  Any time you deposit more than $10K the IRS will find out.  So you would need to declare it and pay tax on it.

    You won't get in any trouble, because you are not admitting that you won money gambling online (even if there is a legal issue with that in your state).  You are merely admitting that you won some money.

    However, you can expect to pay 35% or so in tax.  And if you don't declare it, you can expect to go to prison for tax evasion.

    So if you win any kind of substantial sum of money like over $10K, talk to your accountant before you withdraw the money, and discuss the best way to deal with it.

  3. Yes, they can find out, especially for such a big sum.

    And why take a chance with it? You won a bunch of money, pay the taxes on it, and say thanks to all!

    Good luck!

  4. Yes.  

    Theyll find out if u dont file, which leads to unnecessary "events"

  5. file it as a gift tax that always works unless they file it under something else then they are suppose to take taxes out email full  tilt poker and ask them
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