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Taxation of Online Poker Winnings
During the last few years many governments from all around the world realized that more and more people choose to play online poker games and along with it they are losing different taxations that traditionally they collect. High revenues are lost due to online gaming activities all the time, but it seems that the high publicity that the online poker trend caused made it a target of official in the taxation field.
The US, a nation with a rich history of poker and a strong bond with the gambling industry, had only recently allocated resources to deal with the taxation of online poker rooms. Gambling prize money is entirely taxable and is obliged to be reported on your tax return as the IRS stated in its website. Though until now no legal pressure was placed to force the taxation of online poker rooms winnings.
The IRS had now decided to put its full weight on online poker players who doesn't pay the appropriate taxation, though this wouldn't surprise online poker players they are not aware that even loses are taxed.
A poker player can find himself losing money only to find out that when he gets even his taxes upon his loses and winnings are higher than if he had only won. This absurd situation of unsuited losing deductions hasn't been taken cared by the IRS' taxation of online poker rooms team of experts.
Taxation of online poker rooms is still an unknown field but financial officials from the IRS had stated that before 2006 would be over the issue would be fully regulated and online poker players from the US would be able to take care of their taxation report on the IRS' site.
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