Income Tax

grus

Dormant account
Joined
Aug 12, 2004
Location
California
Does everybody here pay income tax for the winning through online gambling? I searched this forum using the keyword of "TAX", nothing was found. Is this topic banned here?

If you pay, how & when do you pay? Every quarter? Or every year? How do you calculate?
 

Black21Jack

Dormant account
Joined
Mar 1, 2004
Location
Toronto, Ontario, Canada
grus said:
Does everybody here pay income tax for the winning through online gambling? I searched this forum using the keyword of "TAX", nothing was found. Is this topic banned here?

If you pay, how & when do you pay? Every quarter? Or every year? How do you calculate?

Try 'taxes' as the search term not 'tax' Here are a few threads that may be what you are looking for:

https://www.casinomeister.com/forums/threads/taxes.6019/

https://www.casinomeister.com/forums/threads/are-bonuses-taxable-as-income-in-the-u-s.5989/

'taxes' search results:

https://www.casinomeister.com/forums/search/
 

lanidar

Dormant account
Joined
Sep 5, 2003
Location
Avenel, New Jersey
I read a thread somewhere where the poster put on his tax return that he was a...
"PROFESSIONAL GAMBLER" ...
THE I.R.S. >>>>>

CLEANED HIS CLOCK
ALARMCLOCKFLYING.gif
 

cipher

Banned member - being a jerk
Joined
May 15, 2002
Location
Visalia, California
grus said:
Does everybody here pay income tax for the winning through online gambling? I searched this forum using the keyword of "TAX", nothing was found. Is this topic banned here?

If you pay, how & when do you pay? Every quarter? Or every year? How do you calculate?

Hi Grus:

I know what a fastidious and sincere individual you are. Given the fact that you reside here in California as I do I'll pull up the information your inquiring about in the Tax Code and post it here but probably not until tommorrow or the next day. All the best to you and yours.
 

grus

Dormant account
Joined
Aug 12, 2004
Location
California
Thanks, Cipher :) Paying less tax doesn't make life happier and easier. Being honest and keeping open are always my top preferences. I bet you have the most accurate information among all people here. So I am very happy to take your advice :thumbsup:

cipher said:
Hi Grus:

I know what a fastidious and sincere individual you are. Given the fact that you reside here in California as I do I'll pull up the information your inquiring about in the Tax Code and post it here but probably not until tommorrow or the next day. All the best to you and yours.
 

bethug

Experienced Member
Joined
Apr 20, 2003
if you start reporting gambling earning , you are crazy. When you have a bad year they will audit you to the healt.
 

grus

Dormant account
Joined
Aug 12, 2004
Location
California
Are you sure of this? What if I won't have a bad year? It sounds to be a very complicated issue. I would like to see comments from more players here.

I heared if you itemize too much loss, you may get into trouble since you have to provide all details of loss, which is almost impossible.

I know you make plenty of money through online gambling. You just skip all your winnings on your tax forms?

bethug said:
if you start reporting gambling earning , you are crazy. When you have a bad year they will audit you to the healt.
 

bethug

Experienced Member
Joined
Apr 20, 2003
The govement dont know how much you making unless u winning big in vegas, then they report. Soon as u open something up , like I did( which i cant go into it depth in here) My father told me be honest to your family and friends but funk the IRS

If you want to report income , get a dba and do it. Do it that way. Easy start ebay, yahoo, etc report the income that way. So if you have a bad year its all good they know business fall. Also if you have alot of money spread it out.

I am a real estate broker, the loan process will be much easy also.
just my hood ways.
Email me or call me.
 

Casinomeister

Forum Cheermeister
Staff member
Joined
Jun 30, 1998
Location
Bierland
grus said:
I searched this forum using the keyword of "TAX", nothing was found. Is this topic banned here?
I've set the forum to not search for words that are three letters or less (exceptions, OPA, PWC). It "taxes" the resources...

Obviously tax laws differ country to country. Here in Germany, casino winnings are exempt from taxes. If I win big (like I did at Casino Kingdom a couple of months ago) I have them send me a letter stating that these proceeds are from casino winnings - I then turn this in with my receipts etc. :D
 

grus

Dormant account
Joined
Aug 12, 2004
Location
California
I believe people living in Europe and Canada do not need to worry about the taxes of winnings in gambling. I am talking about the issue in the States.

casinomeister said:
I've set the forum to not search for words that are three letters or less (exceptions, OPA, PWC). It "taxes" the resources...

Obviously tax laws differ country to country. Here in Germany, casino winnings are exempt from taxes. If I win big (like I did at Casino Kingdom a couple of months ago) I have them send me a letter stating that these proceeds are from casino winnings - I then turn this in with my receipts etc. :D
 

RobWin

closed account
Joined
Apr 24, 2004
Location
A Vault!
Grus, If you are really that seriously concerned about paying taxes on your online gambling winnings...hey just call the I.R.S. , I'm sure that you will be able to speak with someone over there that will be very helpful and can give you good advice on this and send you in the right direction...... the I.R.S. is sooooo helpful to us US Citizens............ :lolup: :lolup: :lolup:
 
Top