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Some questions about Taxes
Sorry if this is the wrong forum for this post. I am new to SBR after switching over from 2plus2. Regarding taxes, I would like any thoughts or experiences you have. Do you claim everything you withdrawl? Is it even legal to deposit a payout check from a sportsbook? What are the risks of being audited? What if you only withdrew a few grand vs. 10K+ in a year? Thanks for your help, this is the best sports forum I have seen.
Rule of thumb is pay taxes on all winnings, chances of getting caught not doing so over a few k is slim but should you be so unlucky it is far better to have paid what you owe. Also keep in mind you can write off gambling winnings up to the amount lost but if you do so make sure to have kept very good records.
If you get audited can you get in trouble for having online gambled in the first place? How do the new laws effect that?
No.Originally Posted by Faceman14
Not at all.
Think of this.........
High prolific poker players openly lose and win MILLIONS every week online............
PAY YOUR TAXES........
OK, I have made one withdrawl from Bodog each month in 09', for between $500-$700 each month. Around 6K total. Also, over the past three years I withdrew another 10K-12K or so and have never claimed anything. Not sure how I would claim losses from that. What do you recommend I put on my 2009 taxes? 6K, 18K, more or less? I appreciate everyone's help
keep it under $10k (each cash out)
Keep a diary..............
Report your wins on LINE 21(other income) and list it as gambling.
DEDUCT your losses on Schedule A
You will probably in your case have less then 50,000 on LINE 21 and less on SCEDULE A if you showed a profit.
Remember, you cannot claim MORE losses on schedule A then LINE 21..........only up to that amount or less.
THIS IS ALL VERY EASY IF YOU SIMPLY KEEP DIARY up to date on a daily basis.
OK, so if I deposited 6K worth of checks, that means my gambling income for the year was 6K. Is that all I claim, or is it that important to put that I made 40K and lost 34K?
just the 6k profit!
I don't know why you would claim it though?
seems to be some confusion about winnings v withdrawals
I would have thought withdrawals / deposits are irrelevant?
what you win / lose is what counts for tax purposes regardless of whether you've withdrawn it or left it in your bookies' accounts
You would claim on your taxes funds that are sitting in your online sportsbook? Does the IRS know about any of this?
Send everything you collect to:
Our Dear Leader
Chairman Obama (PBUH)
1600 Pennsylavnia Avenue NW
Washington, DC 20500
He will send back what he determines you can live on.
The latter.............
FH is right you declare all money won and lost if you win 100k in bets and lose 99k in bets put 100k deduct the 99k and you will pay tax on the 1k profit
To avoid committing tax fraud and ending up in jail.
So if you haven't paid taxes on gambling over the past 3 years, is it better to just claim 2009 or to claim all 3 years at once?
If the auditor go through your account you may be bring yourself in trouble so be very careful..actually not paying the tax is crime..you should know this very well.
just make sure u shred your documents at the end of each year and you'll be fine
no paper trail...
Can you carry gambling losses forward?
So I lose 10k last year, but win 5k this year -- offset this year's winnings with older losses?
Real Sharp
No, you cannot unfortunately.Can you carry gambling losses forward?
So I lose 10k last year, but win 5k this year -- offset this year's winnings with older losses?
Not exactly...especially if the wins end up putting you in a higher tax bracket...
And what if you didn't pay tax on wins from 2007 and 2008? Do you try to go back and correct it? claim it on 2009?
Have to wonder how you USians make a profit - no pinnacle, high withdraw/deposit fees, and you have to pay taxes on winnings too. Ouch.
Thanks for the reminder HeeeeeeeeeeeeHAAAAAAWWWWWWWWWWWWW
And I don't even live in the damn country anymore.
Their income tax situation on betting is horrific and if they go down the road of regulation that will likely be another layer of taxation. Land of the elected free rollers.
If you don't pay your taxes you'll go down like Al Capone......and by that, I mean you'll get syphilis
Move to Australia. All winnings tax free if a hobby. As no one puts their hand up to being a pro no one pays tax. Great system.
Pay tax on gambling winnings? - you poor bastards!
And you miss out on the best books as well.
And they make transactions hard for you!
Come join me and Papsmear in the lucky country.
What country is that?
The lucky country = Australia
UK is the same, winnings no matter what the level are not taxable. The betting companies, in addition to normal corporation taxes make additional contributions to the tax man.
I'm confused....Faceman, you live in the US? And people are giving you advice on claiming "gambling winnings" on your tax return that resulted from online gambling? Which of course is illegal on the US. So you want to know how to legally claim proceeds that resulted from an illegal act?I could see why you would want to do this, since the IRS is always making sure drug lords, hitmen, pimps and prostitutes are paying their taxes. The gambling winnings you should be claiming, are ones resulting from legal ventures. such as state lottery or a horse track. You receive a W-2G at the end of each year from any LEGAL gaming company (I receive one from Mohegan Sun racebook each year) listing the "taxable income from gambling". It looks similiar to a normal W-2 from your employer and is filed on your taxes the same way. I would also dispute Fishhead's point about Schedule A & B. The losses you can deduct are from capital gains/losses from investments (stocks, interest accrued on bank accounts, bonds, etc), interest paid on your mortage, student loans, etc. up to about 5 years ago you could claim gambling losses from LEGITIMATE gambling venues, but not any longer. I used to be able to keep all my losing tickets from the OTB as proof of losses and use that to offset my large trifecta winnings thruout a given year....but you can't anymore. You should pay taxes....on legal things, if you claim these winnings from offshore books on your return, all you are doing is incriminating yourself by admitting on a signed federal document that you partake in about 15 diff illegal activities. FURTHERMORE, if you get audited by the IRS, the don't go asking what certian deposits into your bank account are from (keep them under $10000 per), maybe if you were being investigated by the FBI for drug smuggling and money laundering, then ya you would have to reconcile your bank account, but your taxes and what is owed to the IRS is another matter. The IRS only looks at things that have a paper trail (W-2's, Interest income statements, capital gains statements, etc) The bottom line is we should all pay our taxes.....for legal things. Let me ask a question...for all the posters telling you to pay the tax on this, do you think the last time one of them bought a bag of weed, they included a 6% sales tax? I didnt think so....peace
ehp6737- i think your wrong. if you made money gambling offshore and did not report it, they could defenitely come after you. and if you do report it, they are not going to arrest you or for gambling offshore. i dont think anyone has ever gotten introuble for offshore gambling but lots of people have gotten in trouble for not paying taxes.
miektheman, so then based on your logic If I'm a drug dealer I should report my income from selling cocaine on my tax return? Or how about if you paid me $10,000 to perform a hit, should I report that too? I pay my taxes....on what I'm required too. But this argument on whether you should pay taxes on illegal gambling is idiotic. bottom line........if your the kind of player that's making high 4 or even 5 digit withdrawls that would warrant some heat, then you should move to Vegas and do it ligit. peace
This all seems pretty confusing for the US players such as myself but Im assuming its wise to go ahead and report losses and winnings to the irs. If I made withdrawals from vegas would that have any effect on the legality of online sportsbetting?
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