Tax Poll

[SPX]

We get it. You don't pay taxes on your winnings and think its okay.

I have a feeling that MOST people either don't pay taxes on ANY winnings or don't pay taxes on as much as they can get away with hiding away.

Personally, I believe we're taxed enough so I'm sure that if I actually ever won enough to worry about it I'd stick it in safe deposit boxes, shoe boxes, books, off shore accounts . . . wherever necessary to avoid having to give away 25-40% of my profits.

 

[moo321]

If your idea of being a good American is to be a dick,you are succeeding.
Do you do your own taxes? If so,thats the problem right there.Unless you are a wage slave and your only income derives for a weekly paycheck,you should be having a professional do your taxes. One that actually knows what he is doing,and doesn't count on total strangers for tax advice.
We get it. You don't pay taxes on your winnings and think its okay.

Not to jump down your throat completely unprovoked, or anything.

 

[moo321]

I have a feeling that MOST people either don't pay taxes on ANY winnings or don't pay taxes on as much as they can get away with hiding away.

Personally, I believe we're taxed enough so I'm sure that if I actually ever won enough to worry about it I'd stick it in safe deposit boxes, shoe boxes, books, off shore accounts . . . wherever necessary to avoid having to give away 25-40% of my profits.

And you'll probably get away with it. But, you do realize you're taking a small risk of getting caught, and you probably will have to be sneaky if you ever want to use the money for a down payment, or anything.

 

[InPlay]

My point is that these 6 people who claims they pay taxes on their BJ winnings have not told me how other then the basic b------- answer of having a proffesional handle it. Even if you have a proffesional handle it you should have a clue. So are all these 6 people fibbers? I think so ! :whip:

 

[ChefJJ]

My point is that these 6 people who claims they pay taxes on their BJ winnings have not told me how other then the basic b------- answer of having a proffesional handle it. Even if you have a proffesional handle it you should have a clue. So are all these 6 people fibbers? I think so ! :whip:

Have a tax accountant handle it.

To build off of what Shadroch stated, I'd imagine a good amount of us have gambling winnings, are self-employed, do some level of consulting, have investment income, or a combination thereof. In such a case, having a tax professional do your taxes is great advice.

If you plan on paying taxes, keep good records of your gambling wins/losses. If not, just keep your fingers crossed.

good luck

 

[GeorgeD]

And you'll probably get away with it. But, you do realize you're taking a small risk of getting caught, and you probably will have to be sneaky if you ever want to use the money for a down payment, or anything.

You're right, and while it doesn't make it OK, how is it different from self employed people who pad their expenses for deductions? Plenty do and and hope they won't get audited.

Re getting caught, a few years back I took some deductions on investment property, got audited and they were disallowed. Honest mistake ... sort of ... I knew I was pushing it a bit. Had to pay back a few grand with mucho penalties! Ouch!

 

[21forme]

Question for those of you who do pay taxes on your winnings:

Do you use the win-loss statements generated by the casinos, or do you use your own records (or a combination of the two) ?

 

[InPlay]

And you'll probably get away with it. But, you do realize you're taking a small risk of getting caught, and you probably will have to be sneaky if you ever want to use the money for a down payment, or anything.

Have you ever heard of the old saying cash is KING !

 

[InPlay]

You're right, and while it doesn't make it OK, how is it different from self employed people who pad their expenses for deductions? Plenty do and and hope they won't get audited.

Re getting caught, a few years back I took some deductions on investment property, got audited and they were disallowed. Honest mistake ... sort of ... I knew I was pushing it a bit. Had to pay back a few grand with mucho penalties! Ouch!

Different story you were cheating. One of the most common things that trigger a audit being in construction, and real estate. Don't forget I said without a W2 being issued from the casino. I would be paying if a W2 were issued. There is no way to cheat the goverment out of their blood money!

 

[InPlay]

Question for those of you who do pay taxes on your winnings:

Do you use the win-loss statements generated by the casinos, or do you use your own records (or a combination of the two) ?

You won't get a answer from them because they don't pay their taxes. I know the mentality of a gambler. If he were putting it on the side and he went broke where do you think he would get his next stake from. Guess !:grin:

 

[nightspirit]

Sorry for stepping in here...
In my country we don't have to pay taxes on our winnings :grin: only the accruing interests are taxable after one year. But how is it when I travel to the US for example, do I as a tourist have to pay any taxes on the winnings? Where can I find a good resource to read about the subject?

 

[21forme]

Sorry for stepping in here...
In my country we don't have to pay taxes on our winnings :grin: only the accruing interests are taxable after one year. But how is it when I travel to the US for example, do I as a tourist have to pay any taxes on the winnings? Where can I find a good resource to read about the subject?

Interesting question...
There are 2 issues. One is taxes. Some answers can be found here: http://www.irs.gov/Individuals/International-Taxpayers/Taxation-of-Nonresident-Aliens

The other issue is you are not supposed to earn money in the US without a work permit. They are not easy to get. I don't know if gambling income falls into this category.

 

[nightspirit]

Interesting question...
There are 2 issues. One is taxes. Some answers can be found here: http://www.irs.gov/Individuals/International-Taxpayers/Taxation-of-Nonresident-Aliens

Thanks for the link.

The other issue is you are not supposed to earn money in the US without a work permit. They are not easy to get. I don't know if gambling income falls into this category.

Now one player comes directly to my mind after reading your post. I will write him an email and ask him about this subject. I'll keep you posted. But first, thanks!

 

[SPX]

And you'll probably get away with it. But, you do realize you're taking a small risk of getting caught, and you probably will have to be sneaky if you ever want to use the money for a down payment, or anything.

Yeah, like I said, if I ever get to the point of being a big enough winner for it to matter (right now a "BIG SCORE" is a couple of hundred bucks and that's rare) I might modify my way of thinking.

Even then though I would probably be more inclined to use the old waiter's trick where you only claim 60%-70%. Sure, if I'm wanting to buy a Corvette or a house I would want to use taxed income, but pool tables and plasma TVs?

Hmm. . .

 

[moo321]

Yeah, like I said, if I ever get to the point of being a big enough winner for it to matter (right now a "BIG SCORE" is a couple of hundred bucks and that's rare) I might modify my way of thinking.

Even then though I would probably be more inclined to use the old waiter's trick where you only claim 60%-70%. Sure, if I'm wanting to buy a Corvette or a house I would want to use taxed income, but pool tables and plasma TVs?

Hmm. . .

Other people will probably disagree, but **** the IRS. The idea that you should be required to pay taxes on gambling winnings is retarded. If you can get away with it for small amounts, you should. I personally pay my taxes, because I want to be able to invest it, but if other's don't, I say more power to them.

 

[toastblows]

Other people will probably disagree, but **** the IRS. The idea that you should be required to pay taxes on gambling winnings is retarded. If you can get away with it for small amounts, you should. I personally pay my taxes, because I want to be able to invest it, but if other's don't, I say more power to them.

right on.

If you win cash and no transaction is recorded at the cage, put it in a safe deposit box if you dont need to use it for more than candy and cigs. if you start buying houses and cars and investments with it, better claim it. :cool2:

 

[SPX]

Other people will probably disagree, but **** the IRS. The idea that you should be required to pay taxes on gambling winnings is retarded. If you can get away with it for small amounts, you should. I personally pay my taxes, because I want to be able to invest it, but if other's don't, I say more power to them.

Word up.

**** the IRS.

I'm not totally against paying any sort of taxes but I feel like we have to pay too much, and yes, paying taxes on gambling winnings is completely ridiculous. Almost as ridiculous as the ultra omega retarded "gift tax."