What are the tax implications of winning online poker?

DBADiver asked:


If I were to win say, $100,000 playing online poker, I know the government wants to tax me on that. What happens if I don’t withdraw the money from my account? Do I pay taxes on it? What if I withraw just a little bit at a time over several years, do I have to report it?
I am in the U.S (Virginia), by the way.

Tim Lincecum

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Written by admin | April 6th, 2009

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