Taxes Poll!

Do you pay taxes on your gambling winnings (excluding required forms such as jackpots

  • Yes, I pay taxes on all my gambling winnings.

    Votes: 12 44.4%
  • I declare only some of my gambling winnings.

    Votes: 3 11.1%
  • No, I don't personally report any gambling winnings.

    Votes: 12 44.4%

  • Total voters
    27

assume_R

Well-Known Member
#1
Okay, so here's the deal. I'm wondering how many of you actually pay taxes on your gambling winnings. I suppose if it's your only source of income it would look pretty suspicious to the IRS if you didn't report it as income on your yearly tax forms, but if it's part time, while not necessarily legal, some may just skip it altogether.

And just to clarify, this is not including things where the casino forces you to fill out a tax form, such as winning a jackpot. Obviously if you fill out a form because you have to, you pay taxes on that. I'm talking about the gambling income which you personally would have to be honest and report.
 

Friendo

Well-Known Member
#2
Poll is misnamed: should be "Are you stupid?"

Poll should be broader: How many of you have or intend to commit a felony and admit it on the Internet?

  • Yes - just tax evasion
  • Yes - tax evasion, and other act(s), violent or non-violent
  • No - Well, I do commit felonies, but I have not suffered a head injury or mental decline, so I do not discuss this on a public forum
  • No - No felony tax evasion for me
 

FrankieT

Well-Known Member
#3
Just a word of caution - you'd be better off admitting to a murder than tax evasion. Al Capone probably had over 100 people killed, and killed many himself, yet the thing that got him was tax evasion.

But all things considered, they only record individual withdrawels of more than 10k to the IRS, otherwise you don't even have to show your ID to make a withdrawel
 
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Jacob

Well-Known Member
#4
Friendo said:
Poll should be broader: How many of you have or intend to commit a felony and admit it on the Internet?

  • Yes - just tax evasion
  • Yes - tax evasion, and other act(s), violent or non-violent
  • No - Well, I do commit felonies, but I have not suffered a head injury or mental decline, so I do not discuss this on a public forum
  • No - No felony tax evasion for me
Friendo, you must be a tax attorney:1st: By the way, if any big winner (such as Don Johnson) needs a great tax attorney/CPA/Certified Financial Planner, here's one:
http://www.411.com/business/charles-p-hess-wayne-pa


Loose lips sink your wallet. Winners, shut up or pay up. Don Johnson won and bragged about his $10,000,000+ winnings in newspapers. Taxmen have after him ever since.

Don Johnson - abstract from the Press of Atlantic City said:
He said the state's reaction to his winning spree could put a chill on high-roller betting in New Jersey. He said he's being told to pay New Jersey income taxes on his winnings even though he has never lived, owned property or done business there.

"That would be a precedent that might just kill off New Jersey gaming," he said. "I can't imagine any big player going there knowing that if he does hit them big, he might have a tax liability to them even though he's paying taxes in his home state."

He said he was being asked to pay under a provision tied to the introduction of gambling in New Jersey in the 1970s.

"It made sense when you had no other states surrounding New Jersey that had gaming," he said. "Now you have all these competitors involved. It becomes a nightmare for a player who wins big and plays in multiple states. He has to figure out what his P&L is in every state. It's ridiculous."

Johnson explained further.

"Let's say you won $1 million in New Jersey for the year, but you lost $2 million between Pennsylvania and Vegas. You had an overall net loss of $1 million. You lost money for the year, but the state of New Jersey may still come after you to try to require you to pay for what you won from them. That's where this doesn't work. The math doesn't work on that."
 

Machinist

Well-Known Member
#5
come on!!!

assumeR ,,,, really??? R you really serioius. Well okay here goes..........yep everybody i know and including me pay our full and fair share of taxes on our winnings.
99.9% of the people on this site do also........

There ya go.......all done......no need for anyone else to reply.....:joker:

Machinist
 
#6
I don't pay taxes on all my winnings. I deduct my losses and pay taxes on the difference. I don't know why so many pay taxes on all their winnings.
 

blackriver

Well-Known Member
#7
tthree said:
I don't pay taxes on all my winnings. I deduct my losses and pay taxes on the difference. I don't know why so many pay taxes on all their winnings.
People must look down on me for defending you in that other rant/thread of yours
 

Friendo

Well-Known Member
#9
tthree said:
I guess we both have a good sense of humor.
Been quite a bit of discussion on unrelated threads - usually by you - of your cruel treatment here. Perhaps we should rename this thread "tthree's travails" and shut down further talk of non-tthree related material?

It seems you are despised and rejected by men. Why don't we close all threads for a few hours, hand out clusters of pearls and hankies - the pearls for clutching and the hankies for the drying of eyes, and have a tthree pity party, wherein we may discuss all things related to the victimhood of tthree?

Sheesh! Man up!
 
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#10
Friendo said:
Been quite a bit of discussion on unrelated threads - usually by you - of your cruel treatment here. Perhaps we should rename this thread "tthree's travails" and shut down further talk of non-tthree related material?

It seems you are despised and rejected by men. Why don't we close all threads for a few hours, hand out clusters of pearls and hankies - the pearls for clutching and the hankies for the drying of eyes, and have a tthree pity party, wherein we may discuss all things related to the victimhood of tthree?

Sheesh! Man up!
I was simply pointing out that I was joking. I wouldn't have thought it was necessary. I assumed he to was joking because it should have been obvious I was joking. Maybe he wasn't joking but if he was I thought he was funny. Your comments on the other hand I don't find funny. If you weren't trying to be funny you are not a very nice person.

I made at most 2 comments on how the conversation deteriorated in a thread. Tarzan pointed it out first and most agreed. If you count asking for a break the day I found out my Mom had died I guess you could say at most 3 times I commented on the way that thread deteriorated. Ken even was ready to step in but I told him I could take care of myself.
 
#11
Aw, give assume_R a break! This question has been asked many times here.

My answer remains the same... yes, I pay every penny of applicable Federal and state tax! My documentation is meticulous and I have paper records to support every entry. In fact, sometimes I bring my tax accountant with me to the table just to make sure I'm doing everything accurately. :cool: :joker:
 

aslan

Well-Known Member
#12
assume_R said:
Okay, so here's the deal. I'm wondering how many of you actually pay taxes on your gambling winnings. I suppose if it's your only source of income it would look pretty suspicious to the IRS if you didn't report it as income on your yearly tax forms, but if it's part time, while not necessarily legal, some may just skip it altogether.

And just to clarify, this is not including things where the casino forces you to fill out a tax form, such as winning a jackpot. Obviously if you fill out a form because you have to, you pay taxes on that. I'm talking about the gambling income which you personally would have to be honest and report.
Not many gamblers declare their winnings for the simple reason that their winnings rarely exceed their losses. This is also true of some APs; sometimes an AP will win at one game and blow it all at another, e.g., winning at poker and losing at betting baseball. Technically, everyone is required to declare all their winnings offset by whatever losses they incurred during the taxable period up to the amount of their winnings, even if they are net losers.

The taxpayers most vulnerable to IRS surveillance are those who do declare gambling winnings and those who are seen gambling in public for large stakes, especially if they are using valid IDs. I do not mean to say that professionals should not report their winnings nor that players should use phony IDs. I'm just stating the obvious.

I have been a government auditor, but NOT an IRS auditor. My guess is that most players, even part time APs, declare only what has been brought to the IRS's attention. If you are selected for audit, usually initially for some other reason, the agent may take it as an opportunity to take a hard look at your declared winnings and offsetting losses. If they don't like you, they may put you through the ringer on your supporting evidence, so if you declare large winnings it is important that you follow IRS guidelines in documenting your losses, and then some.

I am not sure what the purpose of this poll is, but it should give no one comfort that many of their fellow APs are not paying taxes on their full amount of winnings. What should give them comfort is the fact that the IRS neither has the staff nor the budget to go all out in pursuit of taxes on gambling winnings, nor would it be economically feasible to do so (although when it comes to spending taxpayers dollars, I would not put anything past the government regardless of party). The cost to track down and document cases of tax evasion by concealment of gambling winnings would be far greater than the dollars saved, except in the case of the largest gamblers.
 
#13
Same answer as before. Never have. Never will. Catch me if you can. I would also venture to say that those players who play BJ don't really pay anything at all. Taxes could be considered -EV,
 

aslan

Well-Known Member
#15
tthree said:
I was simply pointing out that I was joking. I wouldn't have thought it was necessary. I assumed he to was joking because it should have been obvious I was joking. Maybe he wasn't joking but if he was I thought he was funny. Your comments on the other hand I don't find funny. If you weren't trying to be funny you are not a very nice person.

I made at most 2 comments on how the conversation deteriorated in a thread. Tarzan pointed it out first and most agreed. If you count asking for a break the day I found out my Mom had died I guess you could say at most 3 times I commented on the way that thread deteriorated. Ken even was ready to step in but I told him I could take care of myself.
Written communications is a bear, especially because we can't see each other's faces or body language. The smilies should help you convey your meaning. For example the :joker: means your are kidding or clowning around. They are a quick way to help not being misunderstood. Also, some of us have offbeat senses of humor, so we're often taken wrong. Keep working at it. Apparently you are easy to misunderstand, I don't know... I'm not making any judgments.
 

Machinist

Well-Known Member
#17
itrack said:
Gotta love canada...no taxes for me!
So itrack let me get this right.....you come into our country and rape our games,,,and we cant collect any taxes off your maple leaf A$$!!!!!!! :p:p Seriously though,,,, So no taxes at all on your winning in Canada?? But what about here????
Hmmmmmm.....I hear the music Oh CANADA,,,,!!!!!!

Machinist
 

aslan

Well-Known Member
#18
Machinist said:
So itrack let me get this right.....you come into our country and rape our games,,,and we cant collect any taxes off your maple leaf A$$!!!!!!! :p:p Seriously though,,,, So no taxes at all on your winning in Canada?? But what about here????
Hmmmmmm.....I hear the music Oh CANADA,,,,!!!!!!

Machinist
Got plenty of machines up there, Mach! And the place is so clean you can eat off the street! I may join you. Hey, itrack, how are the bj games in Mountie land? :joker:
 

itrack

Well-Known Member
#19
Machinist said:
So itrack let me get this right.....you come into our country and rape our games,,,and we cant collect any taxes off your maple leaf A$$!!!!!!! :p:p Seriously though,,,, So no taxes at all on your winning in Canada?? But what about here????
Hmmmmmm.....I hear the music Oh CANADA,,,,!!!!!!

Machinist
Deffinately no taxes on Canadian winnings. The only way that you could pay taxes is that if you filed as a "professional poker player" or something like that, since professional poker is seen as a skill I think. Just playing recreational poker though is still not taxable. The point where it becomes taxable is a grey area(to me at least). Thats a question more suitable for Daniel Negreanu :laugh: "Gambling" winnings are not taxable though (table games, slots,etc..).

Now if I'm in the states and win a big jackpot, I will still have to pay the taxes on the spot most likely. However, I can then claim this as "taxes already paid to another jurisdiction" or something like that on my annual income tax, which is basically the equivalent of getting that money back, and never paying tax at all. The only bad thing is that part of your cash is tied up until the next tax season.
Just incase anyone is wondering, when I go back across the border into Canada with more money than I left with, they don't make me pay taxes or anything on it.

Use any "info" I posted with caution though...I am no tax man.

P.S.--- I think that American citizens that gamble in Canada still need to claim this the exact same as if they were gambling in the USA.
 
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aslan

Well-Known Member
#20
itrack said:
Deffinately no taxes on Canadian winnings. The only way that you could pay taxes is that if you filed as a "professional poker player" or something like that, since professional poker is seen as a skill I think. Just playing recreational poker though is still not taxable. The point where it becomes taxable is a grey area(to me at least). Thats a question more suitable for Daniel Negreanu :laugh: "Gambling" winnings are not taxable though (table games, slots,etc..).

Now if I'm in the states and win a big jackpot, I will still have to pay the taxes on the spot most likely. However, I can then claim this as "taxes already paid to another jurisdiction" or something like that on my annual income tax, which is basically the equivalent of getting that money back, and never paying tax at all. The only bad thing is that part of your cash is tied up until the next tax season.
Just incase anyone is wondering, when I go back across the border into Canada with more money than I left with, they don't make me pay taxes or anything on it.

Use any "info" I posted with caution though...I am no tax man.

P.S.--- I think that American citizens that gamble in Canada still need to claim this the exact same as if they were gambling in the USA.
Well, that settles it. The best place for APs to live is Canada from where they can launch attacks over the border and return safely to their tax free haven. There must be a fly somewhere in the ointment. How much is your income tax in Canada?
 
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