Taxes on gambling

[joe91091]

I see a lot people talking about paying taxes...what are you talking about?? Im pretty sure this is all illegal so how could the government have this documented and know how much your making/losing? Or are you just expected to be a good samaritan and tell the government then pay them ...that was a good one but on a serious note if someone could shed a little more light on this topic I'd appreciate it

[Holtgetsback]

The government taxes gambling winnings

[20Four7]

Every gangster in the country has been grabbed for tax evasion..... Al Capone never got caught for the shit he did, except not paying taxes on the money he made.

[joe91091]

In order to be taxed on the money you make doesnt that money have to be documented?? Otherwise how do they know what your making, for example if The Greek (no direct correlation) decides to send me a $200,000 payout through money gram (I know that would never happen I'm just using an example) how would the government ever know I made that money? Al Capone is one thing, I'm just the average Joe

[Emily_Haines]

If you deposited the money in a bank or investment account. The government could see that you accumulated a lot of money in a short period of time. Why do you think the banks require a social security number to open an account? If you were paid cash and just stuck it in your mattress and used cash for all transactions they would not know.

[Otters27]

Don't deposit more than 10 k in the bank at once. Raises flags and the bank sends a report to the IRS

[joe91091]

Oh I see so in a way if I had a few bank accounts and I deposited smaller funds scattered into each one I would be alot more quiet and it would be less likely that the government found out about me... but would that be considered money laundering? And I don't know a thing about taxes im only 18 haven't paid **** yet hopefully they dont come knocking

[csm506]

This is more for people who are full time gamblers who make a living doing this in say Vegas, you need to play taxes, or your Social Security (Which may be gone anyway lol) will be nil. In addition you claim certain expenses, it is very detailed to do all of this, it just depends on what you are looking to do. Betting on-line has a paper trail a mile long, so if the government did go after you the on-line book can turn over the info on you, a little pressure on a Costa Rican book no matter how big, would be in the best interest for them to do it, so if your betting handle is $500k or more think carefully about all this, if you are betting to make 20-30k for the year no worries. I hope this helps.

[csm506]

Get a safe deposit box and put the cash in there, so only you know what is in there, computer programs are made by banks to look for transaction patterns, so if you want nobody to know how much and where it is, bet with a bookie or Vegas in cash and place the money in the safe deposit box, that is truly between you and soul.

[Marathon Hound]

they should let U Sam get a cut and make this shit legal

[Fishhead]

Pay your taxes


SIMPLE



WINS minus LOSSES

LINE 21 for WINS
SCHEDULE A FOR LOSSES

SIMPLE AS CAKE

[bbenson011]

the government sucks...you really have to pay taxes this is a joke

[jjgold]

This is more for people who are full time gamblers who make a living doing this in say Vegas, you need to play taxes, or your Social Security (Which may be gone anyway lol) will be nil. In addition you claim certain expenses, it is very detailed to do all of this, it just depends on what you are looking to do. Betting on-line has a paper trail a mile long, so if the government did go after you the on-line book can turn over the info on you, a little pressure on a Costa Rican book no matter how big, would be in the best interest for them to do it, so if your betting handle is $500k or more think carefully about all this, if you are betting to make 20-30k for the year no worries. I hope this helps.

[Emily_Haines]

You could move to a country like Canada where they have real freedom.

[HowBoutDemBears]

Don't deposit more than 10 k in the bank at once. Raises flags and the bank sends a report to the IRS

True story. I worked at a bank a few years ago and any transaction over 10K, has to have a form filled out and sent to the irs. But 9,999.99 goes unnoticed, But then there is even another form if a bank employ notices several transactions coming through with those close amounts to 10k. it would be damn near impossible to leave the govt out on a check that big, even if it was 20 9,999.99 checks.

[Karayilan9]

Move to the UK, tax free gambling

[csm506]

Pay for Play, best country in the world, even know our government can make you scratch your head and balls from time to time.