question about taxes

[lalapo]

Hey all,

I'm unsure on how taxes in the united states works with online gambling. Lets say I won around 30,000usd in the last year, the money is still in my online casino account, is that taxable? should i withdraw it in the maximum increments as frequently as i possibly can? I have records of my winnings and losses, how does that come into play?

thanks for reading!

 

[Zabier]

I am far from speaking with a resounding knowledge on this but with lottery wins can't players choose to either have a bulk payment heavily taxed or more money over a longer period that is taxed less? Is this the same for wins on slots?

 

[bigjohn]

Hey all,

I'm unsure on how taxes in the united states works with online gambling. Lets say I won around 30,000usd in the last year, the money is still in my online casino account, is that taxable? should i withdraw it in the maximum increments as frequently as i possibly can? I have records of my winnings and losses, how does that come into play?

thanks for reading!

If you are playing at an un-regulated site I am pretty sure you cannot report those winnings in the normal way, ie; offset taxes on winnings with losses.

If you feel the desire to be completely honest with our Government concerning taxes (Why? Are they honest with us?) you should probably report it under illegal income (Yes, there is a place for that on the US-1040). Doing it that way would at least protect you from being charged with tax evasion. I would just collect my winnings and not make huge deposits into my bank and keep my mouth shut.

If there were ever any questions I would lie like a rug and say it was money that I loaned a friend a long time ago and they finally paid me back unless, of course, I was under oath in a court.

 

[Mousey]

Hey all,

I'm unsure on how taxes in the united states works with online gambling. Lets say I won around 30,000usd in the last year, the money is still in my online casino account, is that taxable? should i withdraw it in the maximum increments as frequently as i possibly can? I have records of my winnings and losses, how does that come into play?

thanks for reading!

If you have a tax professional you trust, phone them and ask this same question. You will need records of wins/losses. Note: You may have a problem if the tax person hasn't had any dealings with gambling taxes... especially if you're playing from a nonregulated state at a nonregulated casino. Good luck.


To Zabier: it's a bit different if a USA player is not playing in a regulated/legal environment.

 

[randomiam]

Hypothetically the best way would be open bank account with overseas brand bank get it put in there get a keycard take it out in cash never access it online or via phone and don't link it to any other account ...if its not a us allowed state casino be careful not to make a blip on the radar .cashing a check or a few checks would be a good option use a stamp if possible and not a proper sign. im not from the usa but i guess large amounts have to be shifted like this