This means that you decide for yourself how much of your own money you want to spend on online poker. If you win money, this is your money. Admittedly, you may be required to tax poker winnings if the winnings are $ 10,000 or more. It is perfectly legal to play poker in Norway, and revenue from poker games is also legal, as far as online poker revenue is concerned. Therefore, there is also a relevant question as to how these revenues should be taxed (all income in should in principle be taxed).
It may be possible to avoid taxes on poker. By creating a bank account abroad, with an associated foreign Visa card, some have bypassed the tax on poker. There are many ways to avoid tax on online poker, although most methods are never made public. Common to all methods is that they put the tax collector at risk of prosecution, and even those methods of escape that do not look so difficult are in fact very demanding.
The truth is that you have to pay taxes on poker if the poker profit exceeds NOK 9,999.99. Thus, you must pay tax on all winnings of NOK 10,000 or more. One important thing to note, however, is that you can win unlimited poker winnings of $ 9,999.99 without having to pay taxes on it. The above information applies if your poker activity can be considered a hobby. Once your poker game can be characterized as a business activity, the rules will be completely different. The difference between hobby and industry is mainly that a business is suitable to make a profit over time. In practice, the following will happen: If you win steadily and make a profit in poker year after year, the IRS may consider taxing your poker activity as a business. As we understand it, it is then the tax office that must contact you to propose such an end to taxation.
Always remember to record winnings from money games in the tax return. If you do this, but do not tax on the winnings, you have it clean. Then it is up to the tax authorities to decide the rest. For many who play poker on a hobby basis, tax issues will never be an issue, not even for the IRS. If you want an official answer to the tax on poker winnings, we recommend that you contact the Tax Office you belong to, or you can call the Tax Agency on telephone 800 80 000 (which is free to call from landline phone and mobile phone applies at your own rates).
Expekt Poker has an exceptionally good reputation among poker players. Here you can peacefully play poker over the internet. Deposits and withdrawals are easy and safe, and bonuses for you, of course. As these bonuses vary, we do not comment on the actual size here, as today's bonus may be outdated tomorrow. What we can comment on, however, is that the bonuses at Expekt are always generous, so here is no reason to wait.