Do I Have to Pay Taxes on My Winnings?

[Jetplane]

well if you are getting paid by check... my suggestion off the record would be to CASH the check via a check cashing company (yeah, they'll take a rake too lol) but better than explaining your illegal activity to the IRS if you are "randomly" selected for an audit.

 

[gmoney72]

Here's a more prevelant question for most. Can I write off my losses??!! I mean I would love to know!! I would love to get a fat ass return next year!!!

:missingte

 

[gmoney72]

do i have to pay taxes on my winnings from sports betting? how does that work? do people in this forum report their winnings to the government every year?

To ask this question you must be new to betting and wagering. The government doesn't care about $5 bets. You're safe right now!!!!

 

[jacobtree]

ya im not doing it with a local. curious, how the hell do i find a local bookie? and to you vijay singer, ive done quite well in 2008, thank you

Locals do not post adds in the paper etc, of course. Talk to friends, I am sure if you have friends a friend or a friend of a friend knows a bookie. Its just a mater of getting in with one.

As for the IRS if you are getting checks I would go to a check cashing place and pay the $5 charge or what ever so there is no paper trail.