Reporting Monies in Sportsbooks

[scut]

Hey guys,

I was watching the SBR Interview with I. Nelson Rose and he touched briefly upon reporting the money that is within your sportsbook to the IRS. Sounds like a gray area (like most things sportsbetting) and I was wondering if anyone has any more insight or personal experience with the issue.

The argument is that since your money isn't technically in a bank account and that it is money owed to you by an operator (the sportsbooks), that it doesn't need to be reported for tax purposed until it is taken out of a sportbooks.

Has anyone had any experience with this? Are there cases where the IRS has ruled against this issue?


Thanks in advance

[Hareeba!]

My understanding is that you need to report your winnings whether or not they are still in your sportsbook account.

Otherwise one could too readily manipulate their reported winnings by depositing at year end and withdrawing at the start of the new tax year.

[sideloaded]

My understanding is that you need to report your winnings whether or not they are still in your sportsbook account.

Otherwise one could too readily manipulate their reported winnings by depositing at year end and withdrawing at the start of the new tax year.

lol you're such a tool

[Hareeba!]

lol you're such a tool

Thanks for that.
Now perhaps you'd like to provide some reasoning to back it up?

[Hareeba!]

Thanks for that.
Now perhaps you'd like to provide some reasoning to back it up?

obviously not ... just another cowardly hit and run poster on this site

[durito]

Hareeba! USA tax expert.

[Hareeba!]

Hareeba! USA tax expert.

No. I've never claimed any such thing.
So do you have an opinion or expert advice on the subject?

[durito]

My opinion is that you are an annoying fa\*\*ot.

[Hareeba!]

My opinion is that you are an annoying fa\*\*ot.

and once again you prove that your only reason for existence on this forum is to take shots at me

never once have you ever provided any argument in support of your personal attacks on me

Moderators, why do you allow cowards such as this jerk to use the forum in this way?