How many pay taxes for sports winnings?

**jjgold** · 10-22-05, 04:10 PM

You have to be the biggest idiot in the world to to report offshore gambling wins or loses

**tacomax** · 10-22-05, 04:16 PM

jjgold - what happened when you reported your offshore gambling wins/losses?

**jay88** · 10-22-05, 04:42 PM

As long as you don't win more than 10k a month don't even think about it. Over 10K keep it in neteller or offshore.

**Pedro** · 10-22-05, 05:22 PM

Originally posted by freebie

Canadians and UK residents don't count, I know they don't have to pay taxes on winning.

Canadians do, if it's your primary income...

Pedro

**JoshW** · 10-22-05, 06:28 PM

I can't remember the exact quote, but Doyle Brunson often is quoted as saying something to the effect of:

You can make a little money not paying taxes, but you will never be wealthy doing it.

Lot to be said for that. If you are just talking about a couple thousand dollars a year and you actually get a W2 from work as regular income you will be fine. But if you are making money gambling or hit a big score, you will never really be able to work with that money legitimately, unless you claim it, or already make so much that, that a large amount won't stick out.

**bigboydan** · 10-22-05, 06:51 PM

Originally posted by jjgold

You have to be the biggest idiot in the world to to report offshore gambling wins or loses

i would agree with this post JJ. because, if you report it just 1 year your ****ed.

**onlooker** · 10-22-05, 06:52 PM

No way.

**Mudcat** · 10-22-05, 09:15 PM

Originally posted by freebie

Canadians and UK residents don't count, I know they don't have to pay taxes on winning.

I'm Canadian and I pay taxes on my business income which is nearly all from betting.

**Brick Tamland** · 10-22-05, 09:27 PM

You are supposed to pay taxes on winnings but I think we are ok unless we win for the year. If you win for the year you should claim it. Most people dont pay taxes on small cash income.

Unless your local bookie is putting your name in his books there is really no way for Sammy to prove anything but real winners pay taxes on everything to protect their investment.

Mudcat

Did you tell us what your business is? Do you pay others to operate bettin accounts??

**raiders72001** · 10-23-05, 12:35 AM

JJ- they're going to take you off of neighborhood watch if you recommend to these guys not paying your taxes. Always pay your taxes.

**bigboydan** · 10-23-05, 08:20 AM

i read that the US goverment is trying to get old paypal records from the offshore books, so they can try to collect loss tax revenue. don't know how successfull they will be though.

**Dead Money** · 10-23-05, 08:53 AM

I've had to sign some stuff at the track this year. The good thing is there are enough losers there that when you hit a pretty big ticket you flip the a couple hundred and make them sign it.

**raiders72001** · 10-23-05, 09:28 AM

I've had to sign some stuff at the track this year. The good thing is there are enough losers there that when you hit a pretty big ticket you flip the a couple hundred and make them sign it.

I know this one guy that use to sign for others that won and were required signatures due to the IRS rules. He got away collecting the fee to sign for years but one day the IRS came knocking.

**SBR_John** · 10-23-05, 10:24 AM

How many pay taxes for sports winnings?

I'll let you know if that day ever comes.

**LGBoots** · 10-23-05, 02:15 PM

Tax free in the UK even if it's your main source of income.

**Pedro** · 10-23-05, 07:24 PM

Originally posted by LGBoots

Tax free in the UK even if it's your main source of income.

I should move there

Pedro

**ryarboro** · 10-24-05, 11:04 AM

Got another question for a new bettor here...if you decide to claim taxes on online sports wagering, will the IRS send their reports to anyone? I have no problems paying taxes, just don't want to get in any trouble...(we are talking winnings of about $2-3k)

**bigboydan** · 10-24-05, 11:10 AM

i guess the next best question would be, can you write off gambling losses if you claim your winnings.

**tacomax** · 10-24-05, 11:13 AM

Originally posted by bigboydan

i guess the next best question would be, can you write off gambling losses if you claim your winnings.

That's why they didn't tax gambling profits in the UK - because they'd have to give rebates against losses. Since as a whole, people are losers it would be a negative situation for the government.

How does it work in the USA? Surely if they tax you on winnings, you'd be also able to claim back losses against your tax bill.

**bigboydan** · 10-24-05, 11:20 AM

at the casinos, you can write off a certian % if, and only if you hit a slot machine for some outragous amount.same thing applies if you play table games, anything over $10,000 you have to fill out those damn forums but, the same thing applies in principal in some states. the race tracks are differnt, anything over $1,500 will get you a tax form and, the best way around that is to use one of those betting machines they have at the track or the OTB.

**LGBoots** · 10-24-05, 12:11 PM

What's to stop all American punters just getting a Neteller Cash card & withdrawing their funds when needed from an ATM?

Then your IRS need know nothing about it

**JoshW** · 10-24-05, 12:23 PM

Originally posted by LGBoots

What's to stop all American punters just getting a Neteller Cash card & withdrawing their funds when needed from an ATM?

Then your IRS need know nothing about it

The US tax agency the IRS has been very agressive about going after credit card and ATM records for foreign issued credit cards to US residents and US cards that are easily linked to offshore accounts.

Recently Pay Pal records were targeted in such a case. I have no doubt the IRS would love to go through Neteller records, but am not sure if they have the standing beyond specific cases to get those type of records from a Canadian company. The US and Canadain tax authorities work closely together, but across the board access to information on Neteller accounts in unlikely. Get audited or accused of tax evasion and that is another story.

**LGBoots** · 10-24-05, 12:31 PM

Originally posted by lakerfan

The US tax agency the IRS has been very agressive about going after credit card and ATM records for foreign issued credit cards to US residents and US cards that are easily linked to offshore accounts.

Recently Pay Pal records were targeted in such a case. I have no doubt the IRS would love to go through Neteller records, but am not sure if they have the standing beyond specific cases to get those type of records from a Canadian company. The US and Canadain tax authorities work closely together, but across the board access to information on Neteller accounts in unlikely. Get audited or accused of tax evasion and that is another story.

Maybe not such a good idea of mine after all then

**natty** · 10-24-05, 01:07 PM

I am definately paying my taxes on the winnings. I have contacted a tax consultant to help me with everything.

Lakerfan- You said it best with the Doyle Brunson quote, "You can make a little money not paying taxes, but you will never be wealthy doing it"
Don't play with the IRS is my motto. It aint worth it. Look at Richard Hatch(Survivor champ season 1)...that dude should of known better..

Natty