Posted:
#1
How does it work with winnings from an offshore book? Book give you a statement of wins/losses overall for the year and pay taxes off that? Or no taxes cuz book is offshore?
HELP: Taxes on gambling winnings
Views: 807
Posts: 6
Posted:
#3
In theory, if you live in the United States and you win money gambling it is taxable. That's the law. Most books should be able to give you a win loss summary of one type or another.
That said, IF you haven't deposited any money in your bank account AND you don't believe there is any chance you've left a papertrail of any form; you'd probably be safe even if you were audited.
But if you have a family or other people that depend on you, and you can afford it, paying the taxes might be worth it for piece of mind above all else.
That said, IF you haven't deposited any money in your bank account AND you don't believe there is any chance you've left a papertrail of any form; you'd probably be safe even if you were audited.
But if you have a family or other people that depend on you, and you can afford it, paying the taxes might be worth it for piece of mind above all else.
Posted:
#4
Quote Originally Posted by kdawgy:
In theory, if you live in the United States and you win money gambling it is taxable. That's the law. Most books should be able to give you a win loss summary of one type or another.
That said, IF you haven't deposited any money in your bank account AND you don't believe there is any chance you've left a papertrail of any form; you'd probably be safe even if you were audited.
But if you have a family or other people that depend on you, and you can afford it, paying the taxes might be worth it for piece of mind above all else.
In theory, if you live in the United States and you win money gambling it is taxable. That's the law. Most books should be able to give you a win loss summary of one type or another.
That said, IF you haven't deposited any money in your bank account AND you don't believe there is any chance you've left a papertrail of any form; you'd probably be safe even if you were audited.
But if you have a family or other people that depend on you, and you can afford it, paying the taxes might be worth it for piece of mind above all else.
Yea that is what I was worried about. Made a few cash deposits in my bank account. Won't do that anymore so as not to leave a paper trail. Thanks!
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