Casino News & Reviews » online poker

How do I deduct gambling losses on my tax return?

Josh — Fri, 25 Dec 2009 01:37:37 +0000

Jason posted:

I understand that I am required to report gambling winnings and that I am allowed to deduct gambling losses. But I do I determine gambling losses? Specifically, if over the course of a year I fund an online poker account with $3,000, cash out winnings for $5,000, and have $1,000 remaining in my account, can I deduct $3,000 in losses or am I limited to $2,000 in losses?

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How do taxes work for winnings from online poker/gambling sites based outside the US?

Josh — Sun, 27 Sep 2009 11:36:44 +0000

beatzscientifik posted:

If you win $50,000+ from an online poker/gambling site based outside the US, is there any way to cash out the money without having to pay taxes? If not, can someone explain how taxes would work?

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Denmark Seizes Online Poker Winnings of Professional

Josh — Wed, 16 Sep 2009 05:02:27 +0000

A man whose sole source of support is playing online poker saw his winnings confiscated in a decision by the Supreme Court of Denmark, saying laws against professional gambling apply both to land and Internet.
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Tribal Casino Operators Give Up on Intrastate Online Poker

Josh — Wed, 16 Sep 2009 05:02:22 +0000

A movement to join tribal casinos and land-based poker rooms in support of California’s intrastate online poker bill has fallen apart as some tribes say caution is needed regarding legal status of existing gaming compacts.
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Legal Gambling in China!

Josh — Wed, 16 Sep 2009 04:48:55 +0000

Another market is fast emerging as the world’s biggest online poker and casino host — China. If that happens, the fears over potential revenue loss from the U.S.
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Online Poker Scandal Investigation Completed

Josh — Tue, 15 Sep 2009 05:05:56 +0000

The long investigation of the Ultimate Bet online poker scandal is concluded by the regulators overseeing the gambling site, and fines and criminal charges are possible.
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High Heels Poker Joins With Online Operator PokerStars

Josh — Sat, 12 Sep 2009 18:18:25 +0000

PokerStars, the largest online poker operator, announced it would sponsor the all-women’s High Heels Poker Tour and the tour’s academy for female poker players.
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Online Casino and Gambling News from CAP Spring Break

Josh — Thu, 19 Feb 2009 20:21:57 +0000

ocreditor asked:

http://www.onlinecasinoreports.com
Online Casino Reports Weekly Edition this time from CAP Spring Break in Limassol, Cyprus, where online casino and poker affiliates met for the annual affiliate event and a first of its kind Poker Conference.

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GoldenPalace Multi-Player Poker Review

Josh — Sun, 17 Feb 2008 06:56:21 +0000

GoldenPalacePoker.com — Multi-Player Online Poker All The Rage

Multi-player online poker has become one of the Net’s most popular pastimes. Millions of people have discovered how much fun it is playing their favorite card game against fellow poker players from all over the world.

The beauty of online poker is that you aren’t playing against a machine, you’re playing against a living, breathing, and, most importantly, THINKING opponent. For the real poker fan, this is what elevates a game of luck like virtual casino poker to the skill game of real poker against real people. You can bluff, chat, and try to psych out the other players just like you would at a real poker table, all from the comfort of your own home. The appeal is undeniable.

That’s the reason online poker sites are popping up all over the web. If you’re new to the game, the sheer number of them makes choosing one an overwhelming task. So where do you go? The answer is simple: GoldenPalacePoker.com.

Established in 1997, Golden Palace is a pioneer of the online gaming industry and the most trusted name in the business. They have served millions of players and paid out even more millions of dollars over the years. Their award-winning casino software is considered the finest casino simulator in the world today, and their 24/7 customer service is second to none.

With the launch of their online poker software in mid-2003, Golden Palace merged their reputation and longevity with the hottest new trend on the Net. Poker players can enjoy state-of-the-art software while knowing that they are dealing with an established, trusted company. It doesn’t get any better than that.

New players at GoldenPalacePoker.com currently get an incredible 25% sign-up bonus to get started, and the incentives don’t stop there. Many sites will offer a great bonus to get you in the door, then forget about you once you’ve made your first deposit. At GoldenPalacePoker.com you will receive a steady stream of player rewards and promotions throughout your player lifetime.

If you’re new to the game of poker, you can play for free money and sharpen your skills for as long as it takes before sitting at a real money table. When you decide to make the switch to real play, you’ll be pleased to know that GoldenPalacePoker.com caters to all types of players. Whether you’re playing for 5 cents or 500 dollars on limit, pot limit, and no limit games, you’ll have a blast!

One thing poker players love is a good tournament. At GoldenPalacePoker.com you’ll find all different kinds of tournaments for all different kinds of prizes: action points that you can redeem for prizes or use to enter more tournaments, free money, even trips to the World Series Of Poker! There’s a tournament for everybody, no matter what your tastes.

Whether you’re new to the game or a true rounder, you’ll find what you’re looking for at GoldenPalacePoker.com. Try it today and find out what the big deal is!