Tax on on-line poker

H

Hesfo

Guest
I understand that gambling wins are usually tax exempt.
However, would this still apply to someone who was playing poker professionally? i.e. where the principal/only source of income was coming from on-line poker.

Would there be a requirement to report this income to revenue?
 
If it is determined that it is income from a trade or profession, then winnings would be liable to income tax.

You may wish to seek professional tax advice on the matter.
 
I thought that all income needed to be declared to Revenue even if it is non taxable?
 
Yes, I would expect that would be the case.
The key question I suppose is whether it would be taxible or not?
 
If a person is making their living from gambling that will be taxable income.
 
If this is his principle earnings and he is taxed on his profits can his losses be offset against future profits?
 
Bobbyg said:
If this is his principle earnings and he is taxed on his profits can his losses be offset against future profits?
Click to expand...

This is why the Revenue restrict "professional gambler" status to a very limited number of individuals.
 
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