Do I Have to Pay Taxes on My Winnings?

[Joe Hype]

do i have to pay taxes on my winnings from sports betting? how does that work? do people in this forum report their winnings to the government every year?

 

[Jetplane]

Make 20% of your winnings payable to Jetplane... I'll give you the address to sendto >

Well, technically you should... but I'm pretty sure not very many people do. If you deposit straight into your bank, then if you deposit or withdraw large amounts they will question you but if you receive the check and check cash somewhere I don't think it's a big deal to stash the money in your WALL(et) lol

 

[SaltyVeteran]

Yes, you should pay taxes on your sports betting. Make sure you get full account history statements from all of those illegal offshore websites that you wager through.

If you use a local, make sure you keep a strict spreadsheet on how much you've paid and how much you've cashed out during the year. And make sure to have Vito's cell phone number close just in case the IRS has any other questions that you can't answer.

Hope this cleared things up.. :toast:

 

[thecruncher]

That was rich, Salty, too rich, lol.

 

[al_corona]

do i have to pay taxes on my winnings from sports betting? how does that work? do people in this forum report their winnings to the government every year?

This guy has to be joking.......

 

[studmlb55]

do i have to pay taxes on my winnings from sports betting? how does that work? do people in this forum report their winnings to the government every year?

If I see one more person write this exact duplicated question again.....adl;sfjasdl;jdfsl;a

 

[wizardofodd]

even if you wanted to, why would you?? they tax you on everything else!!

property
school
income
ahcohol
ciggs
gas

everything, why on earth would you want to give this legalized mafia any more money than you already do???

i will never understand!!

 

[awmllc2000]

You need to consult with your local police department.

 

[MonsterBuck]

Do you pay taxes on that crack you smoke? :lol:

 

[al_corona]

Do you pay taxes on that crack you smoke? :lol:

:lol::lol::lol:

 

[dgruff]

You need to start calling me for your lines.

 

[awmllc2000]

I chose the option to take all of my winnings pretax.

 

[GetThatPaper]

The juice is the tax as far as I'm concerned/

 

[krh7]

I chose the option to take all of my winnings pretax.

i check that box on my tax return too. much better for my current lifestyle.

 

[jacobtree]

This was a great thread, I needed a laugh. All of these responses were great. But I think the winner goes to......... Salty Veteran

 

[Joe Hype]

so is that a yes or a no?

 

[Broke]

Yes, to the CIA.

 

[vijaysinger]

you need to win first before youare qualified to pay taxes

 

[Jetplane]

Well, until you are audited by the IRS... it doesnt really matter. But really any income technically needs to be. I'm being serious--listen to my ass biotch!

But if you're doing locals/etc... just take the cash and shut the hell up--nobody needs to know about it. If it's going thru the banking system--the paper trail will catch up.

 

[Joe Hype]

ya im not doing it with a local. curious, how the hell do i find a local bookie? and to you vijay singer, ive done quite well in 2008, thank you