Everyone keeps missing the point on claiming taxes.
Unless you are doing it in Vegas where it is legal, you would be claiming taxes on something you are doing ILLEGALLY.
None of your earnings are being reported to the IRS as the year goes on, and then suddenly at the end of the year you're gonna claim that you made 10's of thousands on gambling winnings?
That is gonna get the IRS's attention. Then when they come asking questions, what do you say? "Uh, I'm a professional online sportsbettor".
Wake up people, paying taxes is the honest thing, but you are bringing attention to the fact that you are paying taxes on an ILLEGAL activity. It would be like a drug dealer or pimp claiming taxes. They might be doing "the right thing" by claiming income on their activities, but they are also opening the door for a lot of attention into the way the generated the income.
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Everyone keeps missing the point on claiming taxes.
Unless you are doing it in Vegas where it is legal, you would be claiming taxes on something you are doing ILLEGALLY.
None of your earnings are being reported to the IRS as the year goes on, and then suddenly at the end of the year you're gonna claim that you made 10's of thousands on gambling winnings?
That is gonna get the IRS's attention. Then when they come asking questions, what do you say? "Uh, I'm a professional online sportsbettor".
Wake up people, paying taxes is the honest thing, but you are bringing attention to the fact that you are paying taxes on an ILLEGAL activity. It would be like a drug dealer or pimp claiming taxes. They might be doing "the right thing" by claiming income on their activities, but they are also opening the door for a lot of attention into the way the generated the income.
Everyone keeps missing the point on claiming taxes.
Unless you are doing it in Vegas where it is legal, you would be claiming taxes on something you are doing ILLEGALLY.
None of your earnings are being reported to the IRS as the year goes on, and then suddenly at the end of the year you're gonna claim that you made 10's of thousands on gambling winnings?
That is gonna get the IRS's attention. Then when they come asking questions, what do you say? "Uh, I'm a professional online sportsbettor".
Wake up people, paying taxes is the honest thing, but you are bringing attention to the fact that you are paying taxes on an ILLEGAL activity. It would be like a drug dealer or pimp claiming taxes. They might be doing "the right thing" by claiming income on their activities, but they are also opening the door for a lot of attention into the way the generated the income.
I don't think the illegal part of internet gambling pertains to the citizens of the united states. I think it has more to do with the way our government trying to make it harder for people to gamble by regulating the way casinos can accept funds and pay out. for those who choose to pay taxes through internet gambling I don't think they will get into trouble anyway.
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Quote Originally Posted by nolemonasses:
Everyone keeps missing the point on claiming taxes.
Unless you are doing it in Vegas where it is legal, you would be claiming taxes on something you are doing ILLEGALLY.
None of your earnings are being reported to the IRS as the year goes on, and then suddenly at the end of the year you're gonna claim that you made 10's of thousands on gambling winnings?
That is gonna get the IRS's attention. Then when they come asking questions, what do you say? "Uh, I'm a professional online sportsbettor".
Wake up people, paying taxes is the honest thing, but you are bringing attention to the fact that you are paying taxes on an ILLEGAL activity. It would be like a drug dealer or pimp claiming taxes. They might be doing "the right thing" by claiming income on their activities, but they are also opening the door for a lot of attention into the way the generated the income.
I don't think the illegal part of internet gambling pertains to the citizens of the united states. I think it has more to do with the way our government trying to make it harder for people to gamble by regulating the way casinos can accept funds and pay out. for those who choose to pay taxes through internet gambling I don't think they will get into trouble anyway.
Let's say you make $40,000 per year. Every quarter, your employer reports to the IRS that it paid you 10,000, plus the amounts it witheld for taxes. At the end of the year, you either did not have enough witheld or had too much witheld based on a lot of factors in your household.
Now let's say that after 5 -10 years of this kind of reporting, all of a sudden at the end of 2009, you claim an additional 10k of gambling winnings. The government has not gotten any paperwork reflecting this during the whole year. You don't think that is gonna raise red flags??? If nothing else, they are gonna wonder if your number is accurate, or, not as large as it should be. You think they're just ganna take your word for it?
If your winnings came legally through a casino or lottery, the casino or lottery would have witheld money on your winnings, and sent paperwork to the IRS reporting what you won.
So, when you report winnings at the end of the year with no paperwork to back it up, that is really risky to me. That, is gambling.
Good luck to you on your "bet".
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JV, you are being naive.
Let's say you make $40,000 per year. Every quarter, your employer reports to the IRS that it paid you 10,000, plus the amounts it witheld for taxes. At the end of the year, you either did not have enough witheld or had too much witheld based on a lot of factors in your household.
Now let's say that after 5 -10 years of this kind of reporting, all of a sudden at the end of 2009, you claim an additional 10k of gambling winnings. The government has not gotten any paperwork reflecting this during the whole year. You don't think that is gonna raise red flags??? If nothing else, they are gonna wonder if your number is accurate, or, not as large as it should be. You think they're just ganna take your word for it?
If your winnings came legally through a casino or lottery, the casino or lottery would have witheld money on your winnings, and sent paperwork to the IRS reporting what you won.
So, when you report winnings at the end of the year with no paperwork to back it up, that is really risky to me. That, is gambling.
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