Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Poker and Tax

Options
  • 29-03-2005 9:32am
    #1
    Imposter
    Registered Users Posts: 4,666 ✭✭✭


    Not that it's an issue for me, what with not being resident and stuff, but what are the laws with regard to earnings from Poker (or other Gambling/Gaming) and tax? Is their a set limit before you are taxed or are all profits subject to tax?

    I thought I remember hearing that your winnings cannot be taxed unless your losses could also be offset but surely there must be some limit to what you can win this way!


Comments

  • Options
    #2
    dsab
    Closed Accounts Posts: 274 ✭✭dsab


    Just asked myself the same question lately. I cashed out more then 6K since the beginning of 2005, and I have no clue if I have to declare them.

    Maybe someone here will be able to shed light on it.


  • Options
    #3
    Doc Farrell
    Registered Users Posts: 2,882 ✭✭✭Doc Farrell


    there aint none in Ireland thank god, but Irish players who win in the US are supposed to pay over there. mad.


  • Options
    #4
    okidoki987
    Registered Users Posts: 10,622 ✭✭✭✭okidoki987


    I kinda remember somebody talking about this before on another forum
    askaboutmoney.com?
    Argument was the Revenue wouldn't allow any losses to be offset so they couldn't go after any profits.
    Don't think anybody really clarified the situation though.

    Would love to hear the conversation with the Revenue though.
    Player X: "I play Poker and want to declare all my winnings"
    Bird from Revenue "Great, we could do with the money"
    Player X: "But I want to offset all my expenses, losses etc against all these winnings"
    Bird from Revenue "Hmmm, who owes who nett?"
    Player X: "You owe me"
    Bird from Revenue.......silence
    Player X: "Hello?"
    Bird from Revenue: "At the signal the time will.....
    Line dead


  • Options
    #5
    NickyOD
    Closed Accounts Posts: 5,124 ✭✭✭NickyOD


    Doc Farrell wrote:
    there aint none in Ireland thank god, but Irish players who win in the US are supposed to pay over there. mad.

    I asked a guy who plays for a living here and he said the tax office told him he didn't have to pay any tax on winnings from poker. I called in myself and sure enough they said the same thing. Just to be sure (because you know how people working behind desks in these places can be) I went and read the tax laws and there doesn't seem to be any legislation which requires you to pay tax on winnings from any form of gambling. So does that mean people like J.P and other Irish professional gamblers don't poay any tax?


  • Options
    #6
    kencleary
    Registered Users Posts: 580 ✭✭✭kencleary


    NickyOD wrote:
    I asked a guy who plays for a living here and he said the tax office told him he didn't have to pay any tax on winnings from poker. I called in myself and sure enough they said the same thing. Just to be sure (because you know how people working behind desks in these places can be) I went and read the tax laws and there doesn't seem to be any legislation which requires you to pay tax on winnings from any form of gambling. So does that mean people like J.P and other Irish professional gamblers don't poay any tax?

    Yup no tax on gambling income here and frankly despite how many thousands people here have been making on sites I think they'll be going after JP McManus & John Magnier for gambling income before any of us :)


  • Advertisement
Advertisement