With the NFL playoffs coming up and winning in our future, it's important to consider the real odds. With the start of a new year, we are all at even money. This
means, if you wager $1,100 to win $1,000, remember that the taxes are
about $300 or %30. That means, you're risking $1,100 to win $700, but
if these books are off-shore, guess who might be rooting for you?
The only tax break Football Gamblers get is when they are betting to recoup earlier losses of that year. This is because if you lose more than you win, you did not "Earn Income" that year and no tax return is necessary, however, it might be in your interest to have it on file of previous years losses in order to possibly claim a sole-proprietorship, you are a gambling business and the sole owner, you might then be able to go back and deduct all expenses and previous years losses that was so bad you had to file it as a hobby. .
We went %70 this year all posted picks; I don't want to be an accomplice to a crime that is tax evasion and is the reason a hospital has to reduce it's emergency staff that is the 15 minute delay that kills someones loved one...all because a Gambler was too greedy to pay a share of his income. Also remember it can be fun coming up with an official title for you Gambling "Sole Proprietorship Business" and get all your official papers,. which do cost money but can be written off as part of the expenses necessary to turn your personal gambling enterprise.
Also, Fear the LORD, do what's right so you don't get bad Karma against you and have cursed money in your pockets.
With the NFL playoffs coming up and winning in our future, it's important to consider the real odds. With the start of a new year, we are all at even money. This
means, if you wager $1,100 to win $1,000, remember that the taxes are
about $300 or %30. That means, you're risking $1,100 to win $700, but
if these books are off-shore, guess who might be rooting for you?
The only tax break Football Gamblers get is when they are betting to recoup earlier losses of that year. This is because if you lose more than you win, you did not "Earn Income" that year and no tax return is necessary, however, it might be in your interest to have it on file of previous years losses in order to possibly claim a sole-proprietorship, you are a gambling business and the sole owner, you might then be able to go back and deduct all expenses and previous years losses that was so bad you had to file it as a hobby. .
We went %70 this year all posted picks; I don't want to be an accomplice to a crime that is tax evasion and is the reason a hospital has to reduce it's emergency staff that is the 15 minute delay that kills someones loved one...all because a Gambler was too greedy to pay a share of his income. Also remember it can be fun coming up with an official title for you Gambling "Sole Proprietorship Business" and get all your official papers,. which do cost money but can be written off as part of the expenses necessary to turn your personal gambling enterprise.
Also, Fear the LORD, do what's right so you don't get bad Karma against you and have cursed money in your pockets.
Or if you use a book with no limit, taxes are nonexistent. Curious to see your plays unfortunately I think I'll have to wait until 10 minutes before the game. Also I'm agnostic the lord has no effect in sports betting
Or if you use a book with no limit, taxes are nonexistent. Curious to see your plays unfortunately I think I'll have to wait until 10 minutes before the game. Also I'm agnostic the lord has no effect in sports betting
You lost me on "fear the lord"...fear inflated point spreads pal...by the way..We all know if you fear Jesus you can make a killing in the NFL...What a complete loser you are!!..get off this site
You lost me on "fear the lord"...fear inflated point spreads pal...by the way..We all know if you fear Jesus you can make a killing in the NFL...What a complete loser you are!!..get off this site
So maybe then the problem is the tax law when it comes to Sports Betting? or maybe Gambling in general?
When you roll the dice at a craps table, does that mean %30 of whatever you win has to go to the Federal Government? That is a steep house percentage!
I think the biggest issue with gambling is "money management" if you have a great 3 game streak and are up 8 grand how could you not slam 5k on the next game that you are ridiculously confident about?
Then BAMMM just like that 8k has became only 3. Now you're talking to your self asking "why?" "Why?" "Why?"
So maybe then the problem is the tax law when it comes to Sports Betting? or maybe Gambling in general?
When you roll the dice at a craps table, does that mean %30 of whatever you win has to go to the Federal Government? That is a steep house percentage!
I think the biggest issue with gambling is "money management" if you have a great 3 game streak and are up 8 grand how could you not slam 5k on the next game that you are ridiculously confident about?
Then BAMMM just like that 8k has became only 3. Now you're talking to your self asking "why?" "Why?" "Why?"
tax code in short term cap gains needs revisiting. It's absolute BS i cant claim losses for last year on this years winnings...should be at least a 3 yr window...agree very few folks proly pay taxes on winnings
tax code in short term cap gains needs revisiting. It's absolute BS i cant claim losses for last year on this years winnings...should be at least a 3 yr window...agree very few folks proly pay taxes on winnings
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