Taxes on gambling profits

[squeeks]

I have heard that you have to pay taxes pn you gambling winnings can someone please clear this up for me.

 

[Sonny]

This should get you started:

http://www.blackjackinfo.com/bb/showthread.php?t=8826&highlight=tax
http://www.blackjackinfo.com/bb/showthread.php?t=4842&highlight=tax
http://www.blackjackinfo.com/bb/showthread.php?t=9094&highlight=tax
http://www.blackjackinfo.com/bb/showthread.php?t=7206&highlight=tax

You can use the search function to find more information if you're looking for something specific.

-Sonny-

 

[callipygian]

You are required to report your winnings in the same way you are required to report your tips: the law is explicit, but it's very difficult to enforce and most people underreport.

Incidentally, I asked this question a month or two ago, and I figure some of the people who helped me in that thread will appreciate this update: there is nothing wrong with TurboTax. I've been using TurboTax for years, and I had stated that TurboTax had omitted winnings under $1,200, but I was wrong. I looked over my 2005-2007 returns and my winnings were included as income; I just never realized it because there's no separate sheet or breakdown of wages, earnings, and tips - when I looked over my W-2's, I noticed a discrepancy between the sum and my gross income, and realized the difference was exactly my winnings. So no 1040X's for me!

 

[moo321]

However, you can write off losses up to the amount of your wins.

 

[InPlay]

I have heard that you have to pay taxes pn you gambling winnings can someone please clear this up for me.

:laugh: :laugh: :laugh: :laugh: :laugh: :laugh: