Gambling Profits and Tax Consequences.
Many people ask about the tax liability as it relates to sports betting. Offshore sports do not report to the IRS. If you make 20,000, 30,000 or more, the IRS will not know about it.
This is an issue that you have to decide on how to handle. Personally, I put down professional gambler as my line of employment. I report my gambling income to the IRS.
The bad news is I pay taxes on my winnings. The good news is that since I am self employed, I can write off flights, hotels and meals and numerous other things as long as it relates to my business.
How you handle your winnings is entirely up to you. I know clients that do not report any gambling winnings to the IRS, and others that do. How to deal with your winnings is entirely up to you.
There is a great site www.gamblerbookclub.com that offers an incredible list of gambling books on everything from Black Jack to Sports Betting. If you click on search, and enter taxes, the site will take you to books related to taxes.
It's up to you how you decide to deal with your profits.
www.gamblersbookclub.com/
Subscribe to:
Post Comments (Atom)
Posts
Many people ask about the tax liability as it relates to sports betting. Offshore sports do not report to the IRS. If you make 20,000, 30,000 or more, the IRS will not know about it. nordicbet
ReplyDelete