Originally Posted by
Nickelicious
I hope to retire in Vegas, so I am curious.
This I do know: All gambling wins are taxable, period, no matter how you got them (even a back-alley 3 monty game). But your net winnings can be reduced up to the amount of money you lost in the same taxable year. So for all the losers out there, as long as you keep records of your losses, you are safe.
For all you winners out there: tsk tsk, you are cheating our bloated government out of their money to pay for their pork projects!
And for all those who say that legalizing online gambling in the U.S. is a bad idea and would ruin our lives: Have you lost your freakin' minds?