Tax tips anyone?
With tax day officially creeping up, I thought it would be a good idea to ask for a little info on how to file your taxes as a 'gambler'. Any Sharkscopers out there with experience at this?
Hopefully this will post be helpful to other as well...
Comments
if you want to follow the law to the letter and you won some money then you would file using the best and most accurate assessment you can produce. Be sure you subtract all your losses & entry fees from winnings and combine with all/ any other gambling winnings/losses you had (state lottery, etc.).
On the other hand, a lot of folks never report winnings from online... with generally no real consequence. However, if you have won 'a lot' I would recommend filing (get an accountant to help) because the IRS is more likely to track you down if you were a BIG winner.
if you are a small winner, 1k or less in a year i don't think its too big of a deal, obviously you should do taxes if you won a $1 but whatev. if you have a few k you should definitely file because if they audit you it will be much worse than not paying.
dont pay anything! is this your only source of income? google it i heard a podcast on how to file on pocket fives or 2 +2