Taxes??

[brink]

If a guy were to get lucky, and say, hit a 10 teamer for 30 grand, what would his options be if he wanted to claim it and pay his taxes?? If he put down miscellaneous income on his tax returns, would that suffice? Wouln't that be better than declaring it as gaming income? Or is that filing a false return?

[Jeff]

There's some posts about taxes in the archives. I'll see if I can find them and bring them up to the top. It's dated, but still useful I think.

[brink]

Thanks. Still not clear though. Any cpa's out there?

[<JC>]

Don't forget you can tale gambling losses against gambling winnings!

[Dragon]

Yeah, but you gotta be able to prove it. Race track tickets and lottery tickets are one thing, offshore sportsbets are another.

[egg nog]

not exactly a hot topic since 99% of the players never profit a nickel from sportsbetting!

[eagle96_99]

Good point - egg

Gambling is a losing proposition...

[brink]

I disagree. I think anyone who thinks that way has probably never experienced winning. Sure, casino games are a losing proposition but not sports. JMHO

[Dragon]

Wow. Taxes sure are a hot topic around here lately. There can't POSSIBLY be that many people WINNING betting sports to be concerned with this could there? Nah.