I'm having a large balance on my account and was wondering if I have to pay tax on it. I was having a hot streak at sportsbetting. Will I get into any trouble later on? Does the government get suspicious about the checks coming into my bank account?
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damned if you do, damned if you don't
next time I recommend losing to avoid this dilemmaComment -
Yes
Pay your taxes
Or give up your fruit cocktail in jailComment -
You're a gambler, gamble again and not report it. FukemComment -
Paying on balances or cash withdrawals is silly, if you put a bunch of checks in your bank you need to be more carefulComment -
money transfers are gifts but it looks more like income on checks imo especially if they are coming every few weeks or month.Comment -
Yes & No Mr. Federal agent.Comment -
pay your taxes.........its that simple......don't be a scum bag.....Comment -
I don't have to worry about taxes becuase I loseComment -
rule here is simple....... ACTUAL RULE: OF COURSE IT IS....
RULE IN APPLICATION: IF YOU DON'T GET A 1099, IT DIDN'T HAPPEN.......
kinda analgous to a tree falling in the forest makin' noise if noone is there to hear it.....
if it didn't result in a 1099, no taxable event occurred......Comment -
can you imagine if the irs checked everyone's bank account to see if there was an uneven flow of deposits into it. it would take them 20 years to just do rhode island. no 1099, no worry.Comment -
Donk and krk best responses hereComment -
If you withdrawal you need to pay taxes on net winnimgs. Problem is offshores dont report to irs. Or send you or give you proper tax documents to do your taxes. This is the gamblers dilemna.Comment -
Hope that helps. I try to stay accurate. But hell. How many hands of bkackjack or poker do u play. Impossible for player to track. So estimation is needed. As a practical matter.Comment -
If you report your gambling winnings you are a square plain and simple
Most places in the world don't even have income tax
Don't be stupid and gullibleCause Sleep is the Cousin of DeathComment -
1 person out of 1000 people report gambling winnings on their offshore winnings. The people in this thread saying to do so, don't do it themselves.Comment -
Guess you're not a tax lawyer.
Per IRS.gov--
Gambling winnings
Gambling winnings are fully taxable and must be reported on Form 1040.
Gambling income includes, among other things, winnings from lotteries, raffles, horse races, poker tournaments and casinos. It includes cash winnings as well as the fair market value of prizes such as cars and trips.
Even if a W-2G is not issued, all gambling winnings must be reported as taxable income regardless of whether any portion is subject to withholding. In addition, taxpayers may be required to pay an estimated tax on the gambling winnings.
Losses may be deducted only if the taxpayer itemizes deductions and only if he or she also has gambling winnings. The losses deducted may not be more than the gambling income reported on the return.
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wouldnt it be self incriminating if online gambling is not legal in your state?Comment -
what are you allowed to receive, $5000 in gifts from one identity per year?
next year post your plays and say here is a free gift...Jacksonville rivermen -3Comment
