Hey guys...
I'm getting into a gray area of betting here for me...I started in October with my system, and I've done pretty well...I'm sitting down to do my taxes, and I am actually worried about what I've got going on...can anyone out there tell me at what point you should or need to start paying taxes on your winnings? I know it's different by states, but I'm from WI. Any help on this would be GREATLY appreciated.
Do you have to pay if you get a payout over a certain amount??
Do you have to pay if you make a certain amount throughout the year??
Basically, is there a way you can avoid it? Should you claim a certain amount? For conversation sake, let's say I'm up $39,000 since October. Thanks guys. Any info is a big help.
I'm getting into a gray area of betting here for me...I started in October with my system, and I've done pretty well...I'm sitting down to do my taxes, and I am actually worried about what I've got going on...can anyone out there tell me at what point you should or need to start paying taxes on your winnings? I know it's different by states, but I'm from WI. Any help on this would be GREATLY appreciated.
Do you have to pay if you get a payout over a certain amount??
Do you have to pay if you make a certain amount throughout the year??
Basically, is there a way you can avoid it? Should you claim a certain amount? For conversation sake, let's say I'm up $39,000 since October. Thanks guys. Any info is a big help.
