Question about winnings

patrick221104 · Oct 8, 2006

I'm pretty new to gambling. I just started making "bigger" bets. So I am making decent money at it now. I made a rather large bet on the Tigers to win the world series. I got them at +2000. Anyway, if they win I win a big amount of money.

My question is, and this might sound ignorant or cheesy or whatever, but it kinda scares me so I want to be clear on it. But the question is if i withdraw money (a large amount) from my account on my sportsbook, into my bank account, do i have to worry about claiming anything on my taxes or any other kind of thing along those lines.

This is a serious question as I don't want to worry about it a couple years down the road or anything like that. Any info would be appreicated. Thanks

Fishhead · Oct 8, 2006

PAT--ANY amount of money that hits your bank account you have to be responsible for possibly in terms of the IRS if they decide to audit you.

There have been many threads here at the RX on how to handle taxes...............you may want to attempt a search from the SEARCH button at the top of this page.

In the meantime, I will do the same and see if I can find a couple good threads regarding this subject.

-FH-