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Do I have to pay taxes for my winnings

Discussion in 'Online Casinos' started by wonnoting, Aug 6, 2005.

    Aug 6, 2005
  1. wonnoting

    wonnoting Dormant account

    Occupation:
    sales
    Location:
    USA
    I wanted to know if I going to have to pay taxes for my winnings. If so is there a way for them not to know about my winnings. I hate to be paying taxes. I have a payspark account and wanted to know if they show up as I have been paid a good amount to pay for taxes. If you know aby infomation about payspark or any other way to not pay taxes for my winnings by a proccesor then please do so.

    Sorry if I posted this on the wrong forum if I did please redirect it to the correct forum.
     
  2. Aug 6, 2005
  3. buck

    buck Experienced Member

    Location:
    Midwest USA
    Taxes on winnings

    Yes, you need to pay taxes on gambling winnings in the USA. If not it would be tax evasion, and you will go prison without any internet access.

    The IRS is known to monitor these boards for such activity.

    You may offset your winnings with any losses, so go drop your winnings and you will be able to sleep at night.


    Buck
     
  4. Aug 6, 2005
  5. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    How can this be true???

    THE irs has no control over offshore winnings.
    There is no tax form filed.
    Hence if I win in Canada, I dont pay taxes. HOw can the US tax money that isn't originated in the US? I know I file when I win in a land based but what do you file with the IRS for online gaming? Do they want a copy of the neteller info?
     
  6. Aug 6, 2005
  7. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    I found this online too~but I always lose more then I win ( I have the proof )

    The legalization of Internet gambling may cause states to lose some revenue generated from legalized gambling operations because many gamblers would spend their money online.(15) Moreover, states lose revenue by not being able to tax gamblers who win over the Internet; gamblers who win over the Internet have an incentive not to pay taxes on their winnings because the Internal Revenue Service ("IRS") lacks the resources to track online gamblers.(16)
     
  8. Aug 6, 2005
  9. Bruce Hamilton

    Bruce Hamilton Dormant account

    Occupation:
    What's a job?
    Location:
    USA
    And even if they could, what determines your winnings? If you win $1000 and cash $500, then wage and lose the other $500, would that lost $500 count as a win, or a loss?
     
  10. Aug 6, 2005
  11. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    its such a gray area. Thank God, I dont play too much online anymore and my slot card in the land based keeps track of my losings ....
    but how does the IRS know how much your winning if you DO online???
    With Neteller, you can just withdraw with your ATM card and it's all online....

    The thing is ..Neteller has your social security so do they report anything?

    Anyone know about this?
    I report my winnings from land based and online but like I said, I always lose equal to or more of that...so it's irrelevant. What about those who win a lot???
     
  12. Aug 6, 2005
  13. buck

    buck Experienced Member

    Location:
    Midwest USA
    Duplicate

    duplicate??
     
    Last edited: Aug 6, 2005
  14. Aug 6, 2005
  15. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    but Buck, how can the IRS audit you???
    If you go and withdrawel the money from Neteller with a debit card???
     
  16. Aug 6, 2005
  17. buck

    buck Experienced Member

    Location:
    Midwest USA
    USA tax

    Good info, the problem is; that this is up to the individual to report. Unreported income is tax evasion and probably the biggest chance of discovery is an audit. If they discover such in an audit they will not deal lightly with the taxpayer.

    Hey it is gambling so take a chance and see if you can end up with a roomate/boyfriend named Bubba. :lolup:

    Buck
     
  18. Aug 6, 2005
  19. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    why is your post there twice?
     
  20. Aug 6, 2005
  21. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    For any UK people reading this, note that you don't get taxed on gambling winnings in the UK. They get their 95% in other ways :rolleyes:
     
  22. Aug 6, 2005
  23. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    The thing that sucks about us being taxed is....
    we're playing with money that is ALREADY taxed ...meaning income tax and state tax. After we cash our paycheck with taxed money and play, they expect us to pay tax AGAIN on what we win.

    They suck!
     
  24. Aug 6, 2005
  25. buck

    buck Experienced Member

    Location:
    Midwest USA
    Tax USA

    I suggest you leave the USA and gamble your heart out. Maybe Costa Rica?
     
  26. Aug 6, 2005
  27. slotchik

    slotchik Dormant account

    Occupation:
    Marketing
    Location:
    USA
    no, I can go to canada...
     
  28. Aug 6, 2005
  29. Bruce Hamilton

    Bruce Hamilton Dormant account

    Occupation:
    What's a job?
    Location:
    USA
    Since it's illegal for online casinos to be located within the United States, I don't see how the Internal Revenue Service can force me to pay taxes on winnings. If I gamble at a land casino like Foxwoods or Mohegan Sun, it's a different scenario, and they withold tax on winnings over $1000. If I gamble at a casino based in Gibralter, it would be up to the government of Gibralter to tax my winnings. JMO, YMMV.
     
  30. Aug 6, 2005
  31. tim5ny

    tim5ny Quit Gambling

    If you go to Mars and sell condoms to the little green men up there it's still income, and the government wants their cut. Doesn't matter where you made it........ U.S. citizens have to pay up!
     
  32. Aug 6, 2005
  33. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    In Germany, it's the same. Winnings are not taxed.

    I suggest the US tax payers refer themselves to You must register/login in order to see the link. Everything you need to know is there. As far as I know, ANY money coming in is reportable income. Whether it comes from Vegas, Costa Rica, Lebanon, or Mars, it is reportable. Have fun! :D
     
  34. Aug 6, 2005
  35. Bruce Hamilton

    Bruce Hamilton Dormant account

    Occupation:
    What's a job?
    Location:
    USA
    According to the IRS web site, that is correct.

    That sucks! They can't decide if it's legal, but they still want their cut. :what:
     
  36. Aug 6, 2005
  37. jonevegas

    jonevegas Dormant account

    Occupation:
    Compulsive Gambler
    Location:
    Gods Country Canada
    No matter what way you get paid there is a paper trail and if the IRS wants to find it they will. We here in Canada are taxed to death but not on lottery or casino winnings so nothing needs to be declared and I beleive its the same in the UK and many parts of Europe.
     
  38. Aug 6, 2005
  39. Stilcho

    Stilcho Dormant account

    Occupation:
    hospitality industry
    Location:
    AZ
    "As far as I know, ANY money coming in is reportable income."

    this is true, any income whether illegal or not, they want to know, or more like they will know just a matter of time...hehehe...oh well that the IRS for us in the US.
     

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