How many of you actually pay taxes on your gambling profits ?

[BeatTheJerk]

chime in ................

[jayc88]

gambling profits

[Iwinyourmoney]

Never claim em. I do have $4400 worth of taxable jackpots from casinos this year I have to claim, so that should keep me under the radar.

[smarmy]

what is this "profit" you speak of?

[Robust]

won a couple of times in vegas and they gave me the w2-g form.. i threw 1 away and payed for the other .. (well i got $25 return so it took some of my return )

Robust

[BeatTheJerk]

Jay I'm not just talking about your winnings, I'm talking about your end of the year profit ............. What is there not to get ?

[Matt Rain]

Not as long as the money is offshore. Haven't made a significant withdrawal to my bank account in nearly 2 years.

Will declare the income once I withdraw a mid-five figure amount or larger.

[bettilimbroke999]

Im gonna claim the 4k I've lost over the last 3 months on my tax return should get a huge refund

[jjgold]

Jerky most guys are in the red and if you get lucky and have a good year you got to be a fukkin jerkoff to report it

Report NOTHING

[SBR Lou]

Gotta think the IRS will love this thread.

[sickler]

I will only consider it if there's a paper trail.

No paper trail =

[BeatTheJerk]

Jerky most guys are in the red and if you get lucky and have a good year you got to be a fukkin jerkoff to report it

Report NOTHING

I completely agree .............

[Mudcat]

I have every year since 2003.

[jackpot269]

Only on single transaction of 499.99 or more

[seaborneq]

I don't keep a well enough record to report those things. I know how much I send the books and how much i withdraw, that is about it, other than a whole bunch of losing in between.

[WileOut]

Im gonna claim the 4k I've lost over the last 3 months on my tax return should get a huge refund

You can't. I mean you can try but it won't work. You can only deduct your losses up to an amount won.

So say you won 15,000 and lost 19,000. You are supposed to report the 15,000 as income then if you itemize your deductions you can claim up to 15,000 in gambling losses to offset the 15k you won. The extra 4k you lost you cannot deduct.

[bettilimbroke999]

You can't. I mean you can try but it won't work. You can only deduct your losses up to an amount won.

So say you won 15,000 and lost 19,000. You are supposed to report the 15,000 as income then if you itemize your deductions you can claim up to 15,000 in gambling losses to offset the 15k you won. The extra 4k you lost you cannot deduct.

No bailout for gamblers apparently unless you blow billions on Wall St

[WileOut]

Exactly. If you gamble on wall street not only can you deduct the losses but the government will give you all the money back you lost. In most cases they will even give you more than you lost so you can enjoy private jet flights and company parties.

[Sinister Cat]

Not as long as the money is offshore. Haven't made a significant withdrawal to my bank account in nearly 2 years.

Will declare the income once I withdraw a mid-five figure amount or larger.

Are you a US citizen? Otherwise, if you live in Montreal, you are not taxable on gambling income (unless you are pro).

[bettilimbroke999]

Fly 3 separate private jets from the same airport at the same time to Washington to request billions for a bailout , fukin coksukers, dont give them a cent, cant even share an entire jet with 2 other guys to save 40k each to go beg for money and wants the govt to bail em out. Every time Im flying coach and some kid shits his pants in front of me and I have to choke on his shit smell for the next 3 hours in a seat only big enough for a dwarf I think about that, fukin bailout how bout some fukin luxury and pay cuts when your business is dumpin 20 billion a year

[Matt Rain]

Are you a US citizen? Otherwise, if you live in Montreal, you are not taxable on gambling income (unless you are pro).

Canadian - I've looked into that and have come to the conclusion that my sports betting income is unfortunately taxable. The tax exemption rule mostly applies to one-shot lottery winnings. It seems that the CRA is quick to call you a "pro".

If I keep it up this year, my gambling income will surpass that of my small business. I'll gladly pay 20% tax (filed under small business profits) if the CRA is ok with me betting.

[bobbyfk]

nope, i dont think you need to becuase this is all off shore but i could be wrong

[topgame85]

nope, i dont think you need to becuase this is all off shore but i could be wrong

of course you have to if you live in the US of A, I mean they don't report it but if you don't and they find out good luck with audits for the rest of your life, possible prison time, and fees and fines out the ass

[bobbyfk]

of course you have to if you live in the US of A, I mean they don't report it but if you don't and they find out good luck with audits for the rest of your life, possible prison time, and fees and fines out the ass

so you have to report wins and losses? what about money you put into the accounts? do i only have to report it after i win X amount?

thanks

[Sinister Cat]

so you have to report wins and losses? what about money you put into the accounts? do i only have to report it after i win X amount?

thanks

you have to report everything you win. You can deduct losses (you deduct them separately) to the extent of winnings.

for poker you do it on a session-by-session basis.

[ZXCVBNM]

of course you have to if you live in the US of A, I mean they don't report it but if you don't and they find out good luck with audits for the rest of your life, possible prison time, and fees and fines out the ass

yeah this is what i'm interested in. not a personal thing though, just curious about this from a legal standpoint.

[topgame85]

so you have to report wins and losses? what about money you put into the accounts? do i only have to report it after i win X amount?

thanks

Basically if you win anything traceable report it as winnings and then you can also deduct your losses up to the amount you won ex. you win 12k in 2009 and cash out via check but then you go on to lose 15k the rest of the year you declare the 12k as winnings and then deduct 12 of the 15k you lost, for a balance of 0 taxable dollars the extra 3k in losses cannot be deducted, as far as deposits go and withdrawals of money you put in then just took out no of course don't pay on that because you didn't make extra money, if you do magically end up for the year just pay the tax on it its not worth it the government does not **** around and loves to make examples of ordinary citizens

[robmpink]

Im gonna claim the 4k I've lost over the last 3 months on my tax return should get a huge refund

Quick question. I was reading the itemized stuff on the irs website earlier. I thought it said that you can't claim losses on a 401K if pre-tax dollars were used to fund the account.

[robmpink]

Do yourself a favor and pay the taxes on anything from the casinos or racetrack. I neglected to do so a couple times and was audited. Once you have been discovered, expect to be audited every year.

Now this year I won $32,000 on a slot machine. I will itemize this and say I have $32,000 in losses. I do have proof as I have $35,000 in losing lottery tickets. This will help soften the tax blow somewhat.

It is well worth it to pay some old timer the 5 or10% of the horse ticket at the track.

[big joe 1212]

Keep in mind, you can only itemize if your itemizations are higher than your standard deduction!

[fiveteamer]

I've never paid taxes before.

[thespeculator]

I have every year since 2003.

hey mudcat , i thought in canada gambling winnings weren't taxable, do you declare it as self employed or other income

[big joe 1212]

I've never paid taxes before.

cause your parents still claim you!

[donjuan]

Yes.

[fiveteamer]

Actually, I think I'm paying taxes for the first time in my life this year, my gf's mom is doing them for me. LOLZ.