A new never been asked on this forum tax ?

[CHOPTALK]

I was wondering where this thread went to.

In a perfect world yes, but is it ok to just pay the taxes on the money you recieve in your bank account.

 

[bilbal]

I was wondering where this thread went to.

In a perfect world yes, but is it ok to just pay the taxes on the money you recieve in your bank account.

It's not the right way to file. The IRS might politely applaud you for not completely bailing on your obligations, and then ask for your records. I'm sure books would provide you with your betting history, though.

This is actually the way I envision legalized sports betting happening....books will be required by the gov't to get your SS# and report your yearly winnings and losses to you and the IRS much like an employer does with a W2, 1099, etc...