Sports Betting Taxes???

[jolmscheid]

Hey guys...for all you studs out there who pull in profits each year sports betting, how do you report your taxes? Do you report some of your winnings? None of your winnings? Do you just request cash as payouts and keep it in a safe at your house so that you don't have to pay taxes?

Correct me if I am wrong...but for someone who wouldn't want to pay as much taxes on their winnings, they SHOULD NOT put all their winnings in the bank right? The gov't can see what you have in your bank account, so the best way would just to keep all your winnings in your own possession safe as cash?

Or maybe you put the winnings in some sort of investment account? But the gov't can still take taxes then from that too right?


Thanks guys...please post what you do for tax purposes from your sports betting!

[southie]

Did you really expect to get a serious response?

Read the thoughts of most of these posters. Do you really think many of them win?

Besides, even if there are a few winners on here, do you think they are going to post how they avoid paying taxes on a public forum?

Please use your head.

[jolmscheid]

I understand what you are saying...I am asking if they put it into a CD to earn interest maybe or if they re-invest it? Sorry southie...

[tltaylor89]

Declare it as other income and get taxed 28%.