taxes on winnings and percentages

BigPower76

BigPower76

2
It's tax time..In your opinion what percent of the U.S. population claim there gambling winnings from sports betting on there tax return.? If so do you think those that have been audited get in trouble for internet wagering.. I don't expect people to speak about what they do personally...None of my business.. Just a general discussion on the topic that there doesn't seem to be much discussion on...Just as an example let's say you won 40,000 and lost 20,000 and you claim it would a person get in trouble for admitting to online sports betting? But the consequences are much stiffer if you claim nothing and get audited correct? No I'm not with the DOJ just wondering what the average joe does at tax time..I know most say just itemize and claim your winnings and your losses up to your winnings but when they find out it's from online wagering what will the gov. do?

:+clueless
 
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The Devil

The Devil

EOG Master
Re: taxes on winnings and percentages

Not many claim their winnings.......But you can spot the ones that get caught......They are the ones on line at the IRS office holding a box of kleenex tissues.....
 
C

Chairman

2
Re: taxes on winnings and percentages

Tax? WTF is that?

Winning? WTF is that?

The fact is that less than 5% of the people are winning players, and I would guess only about 2% report, and about .02% got caught.
 
mr merlin

mr merlin

EOG Master
Re: taxes on winnings and percentages

Why do you think if you are audited they would find out you bet offshore? They audit your tax return not your life.
 
BigPower76

BigPower76

2
Re: taxes on winnings and percentages

Merlin- because if you have deposits or bank wires coming from offshore sports books when they audit you they will want an explanation of where the deposit /wires came from.. I've never been audited but i've heard they go through everything with a fine tooth comb... Chairman- If only 5 percent of players win there is something wrong... Especially here at eog we all communicate and analyze our picks and there are so many gifted cappers here we should all be over 60%...if we don't chase.. Which has killed me on more than one occasion....


:cheers
 
dirty

dirty

EOG Master
Re: taxes on winnings and percentages

The Problem is Power..is less then 5% of all gamblers Use forums....
 
dirty

dirty

EOG Master
Re: taxes on winnings and percentages

I would love for more to find the forums, and they do daily...but we have not scratched the surface on all the sports gamblers or Poker players out there that post on forums
 
mr merlin

mr merlin

EOG Master
Re: taxes on winnings and percentages

Big - if you are audited by the IRS they will send you a letter asking for specific info about earnings, deductions etc that are on your return. You will not be asked to show your checkbook, bank account records or account for where wires or deposits came from. Unless if you have really called attention to yourself with numerous transactions of over $10000(and I mean alot) you have nothing to fear .
 
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