Sportsbook

[jheat23]

Has anyone ever collected over 10,000 dollars from an offshore sportsbook? If so did you inform the government, if so what was the reaction?

[durito]

if you make $1.12 this year gambling, it should be reported to the irs the same way if you make 10k or 125k. 10k is meaningless.

[jheat23]

if you make $1.12 this year gambling, it should be reported to the irs the same way if you make 10k or 125k. 10k is meaningless.

My question is how did the government respond to you, retaining money from offshore sportsbooks, seeing that it is not legal and all. 10k was just an example.

[durito]

It is not illegal.

The IRS is not interested in prosecuting anyone for anything other than tax fraud. They expect all income to be reported. I report mine every year. I have no problems.

[jheat23]

It is not illegal.

The IRS is not interested in prosecuting anyone for anything other than tax fraud. They expect all income to be reported. I report mine every year. I have no problems.

Great to here, thanks for answering.