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Sports Betting, Taxes and The IRS

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Views: 290
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Prospect
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Joined: Dec, 2008
Posts: 217
Posted: #1
Just a hypothetical question lets say you earn $50,000 betting on sports this year, do you report this as extra income?? My winnings won't be quite that high but when they are I'm wondering what I should do.....
 
 
Captain
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Joined: Oct, 2006
Posts: 5605
Posted: #2
     Good question.  I've wondered that too.  Do me a favor:  When you're earning $50,000 a year let me know how you did it.  Then, if I think I can do the same thing (and I should be able to), I'll pay you 5% of my net earnings.
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