do you pay taxes on sports bets winning?

Question

gotta know

Capt_CoverPants · Answer

gotta know

shiek · Answer

R u asking do people actually do it or r u supposed to.   Unless it was at a casino where they were reqd to take out a portion I would never report it

tjohnsont · Answer

Yea.  File it at end of year with your cpa.

dustyvaultz · Answer

Yea it&#x27;s called vig

RicoCortez · Answer

What are you, a cop?

chillinmcm · Answer

not in Canada

Peewee2820 · Answer

Pretty sure I have never been a winner come the end of the year.

R-U-N-V-S · Answer

More like a TAX WRITE-OFF...... Wonder if i can use it as one lol....

HoldingXYZ · Answer

Im going to take a wild guess here that you make decisions by what your heart tells you..?

vnguyen1904 · Answer

[Quote: Originally Posted by Mrfixers]  only if registred as a pro gambler with IRS no matter what you play in casinos ........only time you report is with huge wins of $6000 or more in slots play BUT if you get hard copy of years play at slots you can write off your losses up to the amount you won.&#xD;&#xA; &#xD;&#xA;IF you lost $6000 and won $6000 you owe zero to uncle sammy &#xD;&#xA; &#xD;&#xA;however if you won $10,000 and lost only $5000 you owe taxes on $5000   [/Quote]

NONEED4LUCK · Answer

Of course I PAY taxes on all earned income.&#xD;&#xA;Some of you are not too smart.

666LES · Answer

The govt. doesn&#x27;t monitor my illegal bets with my off-shore book or my plays with the illegal local at the sports bar and they didn&#x27;t track my play in LasVegas and because I&#x27;m not a fukking idiot,it ain&#x27;t nobody&#x27;s business but my own.

tjohnsont · Answer

Mostly everyone that bets wishes that they are required to claim it on their taxes.   Since it will be a tax deduction for most.

SRBI · Answer

People actually win?

do you pay taxes on sports bets winning?

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