what kind of dummy pays tax on sportsbook winnings?

[milwaukee mike]

Good point. Tax evasion is a good way to avoid an audit.

i think staying off of the radar is better than telling the irs you gamble and have money overseas


and to be clear i'm not condoning or suggesting it's best for everyone to not declare their income. but if i was a large bettor that made 50k i would certainly think at least twice before just throwing away 20k.

in a state like wisconsin every bet is a taxable event and the state of wisconsin doesn't allow you to write off your losses. so a gambler here would be a complete fool to do things "by the book" and i'm pretty sure those of you that say "i pay my taxes" don't report every $20 win so stop with the holier than thou nonsense.

[bigbet1234]

Ther's some morons in this thread for sure

[AlwaysDrawing]

They would care, and want to know how you were able to pay bills and live without reporting any income.

You are required to report all gambling winnings regardless of how large or small. It is to be included as regular income. The IRS's problem, is that they have no way of knowing if you are gambling.

If I win $500 at the casino playing a slot machine, will the IRS know that I hit for $500? No. Will I tell them? No. Can they find out that I did not tell them? NO.

So, what they have done is required the Casino to give the winner a W-2G form if the winnings (For only a single jackpot or win) exceeds $1199.00. THEN the IRS will know for sure that you won the money and you must claim it.

Here's the catch...

IF you itemize your deductions, you can claim your losses, BUT only up to the amount that you have claimed to win.

If you had $25,000 in W-2G's and then claimed $25,000 in losses, the IRS might want some proof.

That's where it comes in handy to use a players card when gambling. The casino can track all of your wins and losses so that you have proof of loosing all the money you claimed.

If you cant prove it, they will adjust your return and make you pay it back.

This guy is sharp. So is Durito.

Here's what you should do:

Win lots of money, then grab handfuls of losing bet slips in vegas/at the track to prove your losses. Keep in shoebox. Cash in forgotten winners ala Fishhead. Profit.

[milwaukee mike]

This guy is sharp. So is Durito.

Here's what you should do:

Win lots of money, then grab handfuls of losing bet slips in vegas/at the track to prove your losses. Keep in shoebox. Cash in forgotten winners ala Fishhead. Profit.

i knew a guy that did this and got audited. said the auditor asked why a lot of his losing tickets were crumpled up or stepped on but allowed them anyway.

[AlwaysDrawing]

i knew a guy that did this and got audited. said the auditor asked why a lot of his losing tickets were crumpled up or stepped on but allowed them anyway.

Guy is sharp.

[relaaxx]

safety first -type of people-pay taxes

[TheCentaur]

Do what smart people do, create a fake business. legally register it, set up bank buss account, deposit 20-25% of your winnings, and write off everything. Say your a web designer, programmer, whatever

This is called Money Laundering. Might get you in even more trouble than not paying taxes

[wrongturn]

I am waiting for a w-2 form from sbr. if not received, not my problem.

[Hareeba!]

During the late 18th and 19th centuries, large numbers of convicts were transported to the various Australian penal colonies by the British government. One of the primary reasons for the British settlement of Australia was the establishment of a penal colony to alleviate pressure on their overburdened correctional facilities. Over the 80 years more than 165,000 convicts were transported to Australia.

enough said.

Always great to start the new day with a good belly-laugh.

Totally missed the point (again) but thanks for the history lesson mate.

The relevance of the distant ancestry of some Australians to my musing over the character and morals of gamblers v the average American is bound to remain one of life's profound mysteries.

And, for the record, America too was a destination for boatloads of English convicts along with masses of uneducated Negroes, which if, as it seems you think, that if your great great great great grandfather who, when a hungry young orphan, nicked a loaf of bread means you too must be a dumb criminal, would have more relevance to my musing.

[ringemup]

Keep your withdraw amounts low...

This is key and dont withdraw amounts right under 10K like 9985 on consecutive weeks banks may report it to govt. under suspicion although they are not required to report it because it is under 10K. Just withdraw around 5K most of the time ull get thru with no problems.

[MonkeyF0cker]

i think staying off of the radar is better than telling the irs you gamble and have money overseas


and to be clear i'm not condoning or suggesting it's best for everyone to not declare their income. but if i was a large bettor that made 50k i would certainly think at least twice before just throwing away 20k.

in a state like wisconsin every bet is a taxable event and the state of wisconsin doesn't allow you to write off your losses. so a gambler here would be a complete fool to do things "by the book" and i'm pretty sure those of you that say "i pay my taxes" don't report every $20 win so stop with the holier than thou nonsense.

If you're betting $20, you're probably not "winning" anyway.

[QQPALLADIUM]

Always great to start the new day with a good belly-laugh.

Totally missed the point (again) but thanks for the history lesson mate.

The relevance of the distant ancestry of some Australians to my musing over the character and morals of gamblers v the average American is bound to remain one of life's profound mysteries.

And, for the record, America too was a destination for boatloads of English convicts along with masses of uneducated Negroes, which if, as it seems you think, that if your great great great great grandfather who, when a hungry young orphan, nicked a loaf of bread means you too must be a dumb criminal, would have more relevance to my musing.

The sad thing is that you start your day at SBR....you must be the only pale aussie mate...

[vividjohn45]

Even if you are a cocaine dealer, you have to report.. You can actually write in your occupation as drug reseller. IRS CAN NOT BY LAW, report you to any other agency

thank god i'm ok. i just put down candy dispensing machine, llc.

[Hareeba!]

Even if you are a cocaine dealer, you have to report.. You can actually write in your occupation as drug reseller. IRS CAN NOT BY LAW, report you to any other agency

RU sure?

That certainly was universally accepted to be the case but I suspect that you'd find that some criminal activity is now reportable, e.g. terrorism, arms and drug dealing, child porn?

[Hareeba!]

The sad thing is that you start your day at SBR....you must be the only pale aussie mate...

It's not my first stop but even in summer you'd be hard pressed getting a tan a 7am!

The sadder thing by far is your obsession with stalking my posts for the sole purpose of responding with insults.

[Monitor-Tan]

I'm 1000% sure. The IRS can not for ANY reasons report what you report on your tax form.

you can write hitman on it, they can not share that with any other government agencies.

IRS has gotten very scrutnized about the privacy law, so new measures were written..

This is to prevent someone from comitting 2 crimes instead of one..

For Example, Illegal immigrants. Being here is illegal, but not paying taxes makes you commit 2 crime at once. You are allowed to ask for ITN, to pay for your taxes..

Al Capone, never indicted, on ANYTHING he did, he was caught for tax evasion. If Al Capone wrote, cocaine dealer, mobster, blahb blah, and paid taxes, he wouldn't have gone to jail..

Because of all the scrutny, IRS has a VERY strict privacy Law..

If you write Terrorist, they will probably Audit you and follow the money trail. and will get you for laundering money somewhere.

It doesn't say they are allowed to look more into your accounting, if you write, drug dealer. They are allowed to do that. But they can't report to the FBI because of what you wrote on your tax forms

[daneblazer]

[OMGRandyJackson]

Glad I live in Canada and do not have to pay taxes on gambling winnings

[OMGRandyJackson]

If you write Terrorist, they will probably Audit you and follow the money trail. and will get you for laundering money somewhere.

If you were to put any time crime down they would probably try to build a money laundering case on you.

[Monitor-Tan]

If you were to put any time crime down they would probably try to build a money laundering case on you.

Yes, they have the right to do so, because the US tax law is pretty much, you are guilty until you prove yourself innocent... And they can build cases. That's what they do "without sharing ur tax return info with other agencies" So as I said even if you write terrorist, even if they don't share infos with other buearus, they will try to build cases against you..

[OMGRandyJackson]

Yea I know I was just trying to say that they would most likely try to build a case on you if you were to put other things like drug dealer, not just terrorist lol.

[Monitor-Tan]

Haha right, got ya! I know what you. Sorry i didn't know, you were familiar with the insanely BAD U.S tax law, because you stated you were from Canada.

[SteveRyan]

i think staying off of the radar is better than telling the irs you gamble and have money overseas

If gambling is your only source of income, your odds of getting audited are pretty low.

If you have some big assets (Like a house) or a bank loan, the odds get larger.

If you are employed, then you really need not claim gambling winnings because the job is enough to support your lifestyle.

I suppose it would raise a red flag if you worked at a grocery store and bought an expensive home and yacht. lol

[5mike5]

If gambling is your only source of income, your odds of getting audited are pretty low. If you have some big assets (Like a house) or a bank loan, the odds get larger. If you are employed, then you really need not claim gambling winnings because the job is enough to support your lifestyle. I suppose it would raise a red flag if you worked at a grocery store and bought an expensive home and yacht. lol

smartest post of this thread BY FAR

[DOMINATER]

With the Casinos opening more people are consided pro gamblers, keep all your receipts and all your losses . You easily can do this except if you live where you have a bookie taking your action. All lotteries tickets count etc, at tracks keep your receipts , I have a friend that has people who work at the track pick up the losers off the floor . He then keeps them as losses against other wins. One year he was to lazy got nailed using tickets that IR.S. went threw with another gambler. they cave him his receipts back ,and my friend used them because he was to lazy to pick his own up . he got arrested charged and went to federal can for 3 years. what did he do wrong , he took the used receipts that I.R.S. already used they marked them with a special pen that was invisible under normal light .When they used an ultraviolet light they light up like a christmas tree and he went to a federal can interesting he served time with the now ghost MR.DELUCA an east coast boss who is ratting on the mob , alledgedly trying to have stopped a hitter from doing his job on the boss whom is Mr deluca.

[Salmon Steak]

The IRS called me on some stocks I bought and sold in college. Maybe made a few hundred bucks. It was an easy problem to fix. I just printed some forms off, online. They were trying to hit me with a bunch of fees for very little money.

[milwaukee mike]

The IRS called me on some stocks I bought and sold in college. Maybe made a few hundred bucks. It was an easy problem to fix. I just printed some forms off, online. They were trying to hit me with a bunch of fees for very little money.

i have never heard of the irs calling anyone. i thought they just sent out letters asking for info?

[SteveRyan]

i have never heard of the irs calling anyone. i thought they just sent out letters asking for info?

Yeah, I don't remember them ever calling me when I was audited.

[Kaladarus]

I'm not sure how it works in the US, but in Canada if gambling is your only source of income and you are making a living off it, then you should be declaring it. It is very easy to avoid doing taxes though because the laws are a lot different than the US. If you wanted to do everything by the book here though you could just declare what you make and get taxed.

I'm not exactly sure how things work in the US, but in other countries (Canada for sure) if you are making a living gambling you can make that your business. You get a cheap business license. I know people that have done this. Then you can start writing everything off. From going on vacations, to new computers, to vehicles and just about anything else. In the end, you can still hide a lot of your income and write off many of your expenses. Keep some record of what you have done and you will be clear in the future from any problems with the government.

[doiupc]

I wonder if the large proportion of posters here advocating tax avoidance is representative of US citizens in general or is it just of gamblers?

Speaking as someone who works in a restaurant and sees on a daily basis what people claim as tips (i.e. their taxable income), I can tell you that it's completely representative of US citizens in general, but it's just that most people can't avoid reporting their income since it's on their W2.