Sports betting and income taxes

[TravisPH]

Sports betting is well, let's just say "frowned upon" in almost every state. Yet, most states do not have specific rules in regards to betting over the Internet, so it makes it hard to prosecute anyone. In fact, as far as I could find there has only been 1 person in the history of the US to be prosecuted for betting online.

I'm not worried about being prosecuted... What I am worried about is paying taxes. I'm moving towards being able to do betting full-time. I will need to at least submit some form of income tax or received an audit by the IRS.

What can I do about submitting my income taxes? What do you guys do?

Thanks!

[iggs111]

Originally Posted by TravisPH

Sports betting is well, let's just say "frowned upon" in almost every state. Yet, most states do not have specific rules in regards to betting over the Internet, so it makes it hard to prosecute anyone. In fact, as far as I could find there has only been 1 person in the history of the US to be prosecuted for betting online.

I'm not worried about being prosecuted... What I am worried about is paying taxes. I'm moving towards being able to do betting full-time. I will need to at least submit some form of income tax or received an audit by the IRS.

What can I do about submitting my income taxes? What do you guys do?

Thanks!

Uhhh I dont do anything, the feds can **** themselves for all I care, but if you want an honest answer pigskinterror is your man. Hell see this and respond sometime today I believe

[iggs111]

welcome to cappersmall by the way travis

[The Judge]

If you are fortunate to make a living as a gambler, you will have to file a tax return claimig at least some of your winnings, as you should as an American taxpayer. Gambling in of itself is not illegal and the Internal Revenue recognizes this and simply wants their share.