tax info please....

durito · 02-09-09, 04:27 PM

You are required to report any income to the IRS.

It is not illegal to wager offshore, but even if it was you are required to report the income. If you are a drug dealer, you are required to report your income to the IRS.

Gambling winnings are fully taxable and you are expected to pay. Please consult a competent professional for additional advice.

fastmod · 02-09-09, 04:42 PM

yes i know u are required to report.... but my guess is not all do....or most don't. Isn't there a paper trail??? Once you start reporting income from gambling you're asking to get audited?? Surely someone has some experience with this.... or is everyone keeping their mouth shut.... is this not a good subject to talk about here???

BTW i do have a good acct. just have mentioned my gambling yet.... but have won some nice money this year and wanting some advice...

topgame85 · 02-09-09, 04:50 PM

You should report it especially if you have made withdrawals via check that you put into your bank account especially especially if the withdrawals were over 3k,

fastmod · 02-09-09, 04:55 PM

well that is no on the deposits into bank acct. so no paper trail there. But is there a paper trail somewhere else i don't know about?? Western union.... moneygram.... or when u cash checks for 500 or less?? I have always cashed out small amounts..... thanks guys.... any more info would be great

Mudcat · 02-09-09, 04:59 PM

some recent discussion here fwiw

fastmod · 02-09-09, 05:06 PM

thanks Mudcat... but still not alot of info.... nobody wants to reveal secrets i guess or admit they are not paying. I don't mind paying really... it is only around 9k and i still have it all in c notes. I would keep it to myself in case i get on a losing streak.... but don't know about all the paper trails.... so was hoping for some tips.

durito · 02-09-09, 05:37 PM

Here are the tips:

Not paying taxes is illegal and can lead to fines and or jail time.