It is currently Thu Jul 29, 2010 3:04 pm

           


Post new topic Reply to topic  [ 7 posts ] 
Author Message
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:21 am 
Offline
User avatar

Joined: Mon Oct 19, 2009 7:50 pm
Posts: 4
I want to take out a payout of 200 dollars that I won from a sports betting website. How can the government or the IRS find out how much I won? If i don't file my winnings or whatever?


Top
 Profile  
 
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:21 am 
Offline
User avatar

Joined: Mon Oct 19, 2009 7:56 pm
Posts: 7
i'm thinking mutually exclusive


Top
 Profile  
 
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:21 am 
Offline
User avatar

Joined: Mon Oct 19, 2009 7:56 pm
Posts: 4
Gambling winnings are fully taxable and must be reported on Form 1040, Line 21 if you are not a professional gambler. It is important to keep an accurate diary or similar record of your gambling winnings and gambling losses.
If you itemize your tax deductions on Form 1040, Schedule A, you may deduct any gambling losses up to the amount of your gambling winnings on your tax return. If you have no gambling winnings for the tax year then you cannot deduct your gambling losses on your tax return. The tax deduction on your tax return is not subject to the 2% AGI floor.

Gambling winnings from lotteries and raffles are taxable gambling winnings on your tax return. In addition to cash gambling winnings, you must include on your tax return bonds, cars, houses, and other non-cash gambling winnings at their fair market value.

If you win a state lottery prize payable in installments, you must include on your tax return both the annual payments and any amount designated as “interest” on the unpaid gambling winning installments.

Any federal income tax withheld from your gambling winnings should be included on your tax return. Be sure to attach your Form W2-G to your tax return.

It is your responsibility to report any and all income. Non reporting could result in evasion of taxes and serious consequences. The IRS has reporting systems that are extensive and effective.


Top
 Profile  
 
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:24 am 
Offline
User avatar

Joined: Mon Oct 19, 2009 7:56 pm
Posts: 2
Even in the case where the online gambling is against the law, the citizens still have to pay taxes on it. The US taxes are valid for both illegitimate and legal income. If the citizens are audited for whatsoever reason and there is uninformed income found, then they have to pay tax, interest, and penalties. And if IRS (Internal Revenue Service) found that the citizens have knowingly avoided taxes then for this they can also face imprisonment


Top
 Profile  
 
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:24 am 
Offline
User avatar

Joined: Mon Oct 19, 2009 7:56 pm
Posts: 2
Quote:
Even in the case where the online gambling is against the law, the citizens still have to pay taxes on it. The US taxes are valid for both illegitimate and legal income. If the citizens are audited for whatsoever reason and there is uninformed income found, then they have to pay tax, interest, and penalties. And if IRS (Internal Revenue Service) found that the citizens have knowingly avoided taxes then for this they can also face imprisonment
The IRS won't know. Of course, that doesn't mean you shouldn't claim them yourself.

And as long as we're being technical... Technically the year you "won" the money depends on when you made the bet, not when you withdrew the funds.

If you won money betting on the World Series, that's 2009, even if you waited until 2010 to take the cash.


Top
 Profile  
 
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:25 am 
Offline
User avatar

Joined: Tue Oct 20, 2009 9:01 am
Posts: 6
some sites report it to the government. since sports (not horses) wagering over the internet is illegal in the u s, they won't know. and you cannot offset winnings by losing receipts. again this is illegal wagering.

legal wagering winnings can be offset by losses.


Top
 Profile  
 
 Post subject: Question about Sports Betting and Taxes?
PostPosted: Sun Feb 21, 2010 5:26 am 
Offline
User avatar

Joined: Mon Oct 19, 2009 7:50 pm
Posts: 5
I don't know how they would find out, but realize that you offset gambling winnings against gambling losses. So if you can document that you lost more than you won, then it wouldn't matter anyway.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 7 posts ] 

Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron




phpBB SEO
All times are UTC