Posted:
#1
I have a couple of questions I was hoping to get some answers to. I've been doing very well betting sports online here recently, and have built up over 40k. I've been making several withdrawals, through Pay2Card, cashier's checks, and money orders.
I've already searched online for answers, but when it comes to legality in the U.S. The way I understand it is that sports betting is illegal in the U.S., but receiving funds earned from it is not. Is that correct? I just want to know if I make regular deposits into my bank account if it will hurt me in any way? As long as you report it on your taxes, you're fine. Right? I also want to know how you claim something like that as income on taxes if it is indeed an illegal venture (technically).
I know these are common questions people raise a lot. It's just hard to find a clear answer I guess. I might need to meet with an accountant or attorney, I don't know,
Also, how do you explain to someone that while it's technically illegal, everyone does it? I've tried explaining this to my fiancee, but it's hard. Anyone have experience in this area?
I'm familiar with these forums, and am expecting some sort of smart ass response. I know I threw a lot of questions out there, but seriously, any help you guys can provide would be appreciated.
I've already searched online for answers, but when it comes to legality in the U.S. The way I understand it is that sports betting is illegal in the U.S., but receiving funds earned from it is not. Is that correct? I just want to know if I make regular deposits into my bank account if it will hurt me in any way? As long as you report it on your taxes, you're fine. Right? I also want to know how you claim something like that as income on taxes if it is indeed an illegal venture (technically).
I know these are common questions people raise a lot. It's just hard to find a clear answer I guess. I might need to meet with an accountant or attorney, I don't know,
Also, how do you explain to someone that while it's technically illegal, everyone does it? I've tried explaining this to my fiancee, but it's hard. Anyone have experience in this area?
I'm familiar with these forums, and am expecting some sort of smart ass response. I know I threw a lot of questions out there, but seriously, any help you guys can provide would be appreciated.
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