Should you pay taxes on winnings

Forum: Gaming Industry - US
Author: [Gaming Industry - US] Topic: Should you pay taxes on winnings
golfgodks PM golfgodks
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Posted: 10/22/2012 10:35:22 AM
I have over $65grand at sportsbook.ag and each check is $2500.........just wondering if I should report this
anyone thats won alot offshore what did you do????
thanks
torosFCP PM torosFCP
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Posted: 10/22/2012 1:05:34 PM
not taxable baby.
golfgodks PM golfgodks
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Posted: 10/22/2012 2:27:44 PM
maw428 PM maw428
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Posted: 10/25/2012 9:52:35 PM
its technically taxable, especially i would be worried with that amount of money.
cowboyfan1325 PM cowboyfan1325
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Posted: 10/26/2012 3:25:35 AM
Toros why the hell would it not be taxable? Are you stupid? Every dollar that goes into your checking account is taxable.
Posted using a mobile device.
torosFCP PM torosFCP
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Posted: 10/26/2012 11:28:42 AM
QUOTE Originally Posted by cowboyfan1325:

Toros why the hell would it not be taxable? Are you stupid? Every dollar that goes into your checking account is taxable.

Well, depends what country he lives in.

Riceboi PM Riceboi
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Posted: 10/26/2012 11:59:29 AM
In most countries it's not taxable, I think only in the US it's taxable. USA sucks.
sportskingpin PM sportskingpin
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Posted: 10/27/2012 1:50:14 AM
Not everything deposited in to your bank is taxable. If it is deposited into a personal bank account it shouldn't be a problem. Just don't deposit it into a business account. 
torosFCP PM torosFCP
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Posted: 10/27/2012 3:01:31 PM
QUOTE Originally Posted by cowboyfan1325:

Toros why the hell would it not be taxable? Are you stupid? Every dollar that goes into your checking account is taxable.

lol please stop posting, you're not right.

And where I live, it's not taxable. 
nick69 PM nick69
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Posted: 10/29/2012 1:37:15 PM
If it's not on a W-2 or a type of 1099, it's not income so it isn't taxable.
Bling PM Bling
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Posted: 10/29/2012 6:35:46 PM
Don't listen to these idiots.  Better hope you don't get audited, because you'll have to explain away every single one of those $2500 checks you deposit into your account
Bling PM Bling
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Posted: 10/29/2012 6:39:50 PM
QUOTE Originally Posted by torosFCP:


lol please stop posting, you're not right.

And where I live, it's not taxable. 
Dude, this forum is called "Gaming Industry - US".  So stop posting misinformation in this forum unless you preface it with "Well, in Canada...." which you did not.  U.S. forum with U.S. questions, and what should be U.S. answers. 

 Nobody gives a garbage what is taxable where you live. 
in29240 PM in29240
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Posted: 10/30/2012 2:29:02 AM

What makes people think they dont have to pay taxes or claim winnings on sports gambling but when you win the lotto or win big at a casino you have to claim all that.  Betting sports online is no different.  Of course you claim your winnings on your taxes.  Now if its just couple hundred dollars i wouldnt worry too much.  But when your talking bout a grand or couple grand a month, it will soon start throwing up red flags to the auditors, and like Bling said.  Your going to have to explain where the $$'s came from.  Thats why they call it "INCOME TAX".  Whatever you bring in is taxed. 

 

nick69 PM nick69
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Posted: 10/30/2012 2:45:53 PM
Bling- You sound like you of those people that listen to the government and would claim ten dollars on your tax return if you won it on a scratch off lottery ticket. The US is a third world ghetto country and everyone should ignore and darn the government every chance they get.
sportskingpin PM sportskingpin
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Posted: 10/30/2012 4:56:39 PM
QUOTE Originally Posted by in29240:

What makes people think they dont have to pay taxes or claim winnings on sports gambling but when you win the lotto or win big at a casino you have to claim all that.  Betting sports online is no different.  Of course you claim your winnings on your taxes.  Now if its just couple hundred dollars i wouldnt worry too much.  But when your talking bout a grand or couple grand a month, it will soon start throwing up red flags to the auditors, and like Bling said.  Your going to have to explain where the $$'s came from.  Thats why they call it "INCOME TAX".  Whatever you bring in is taxed. 


Difference between online sports gambling and winning the Lotto is the organization for the Lotto or any other winnings will report your winning by issuing you some form of 1099 or W2. Besides what sort of income would you report it as? 
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