Anyone knows this answer for sure?
Let's say I been doing multi transaction of 5-6 dimes a week through my bank for about 1 year straight. And now IRS wanna audit me. I print out a Pinnacle transaction of all my lost. Do you think I can still get in trouble?
I'm not winning, so I can't pay tax. But isn't wiring money offshore illegal?
Let's say I been doing multi transaction of 5-6 dimes a week through my bank for about 1 year straight. And now IRS wanna audit me. I print out a Pinnacle transaction of all my lost. Do you think I can still get in trouble?
I'm not winning, so I can't pay tax. But isn't wiring money offshore illegal?
bigbet 1234...so if i have a log of all my bets..in casino's and offshore...all sports...is this good enough...just wanting to make sure...thanks for the response...jeffksu...oh and one more thing...can you write off loses and gains..even if i have a job that i do pay taxes on..in real life..gambling is just a hobby...thanks again...
freebie said:
The legality of internet gambling is quite ambiguous and I wouldn't worry about go down for that. Plus, there is technically a shield law protecting information divulged on tax filings.
However, be careful because you erroneously believe that just because you have a net gambling loss, you do not have to report your gambling activity. Gains (winning wagers) and losses (losing wagers) are required to be reported separately on the tax return. If they are declared properly, even if you have a net loss, they could increase your tax liability because of the impact on Adjusted Gross Income, deductions, exemptions, and credits.
JeffKSU:
For casinos I keep logs of the machine/table number(if possible) dealer name, if i can remember, time I played, what game and what casino. Then the amount won/lost for that session.
For sportsbooks I really dont keep the games logged, I record the amount won or lost on that particular day. If I were to be audited, my records, and bank statements would match.
FREEBIE
I am not to worried about the legality issues as of yet. Where does it say it is illegal to bet offshore. Hell, alcohol causes the world more problems than some one placing a few bets.
The IRS is worried about one thing, and one thing only, that is getting their money. You pay them their cut, and they could care less if you got it pushing drugs.
I have more important things to worry about in life if someone is going to storm my apartment to bust me for placing a few wagers, something I enjoy doing.
For casinos I keep logs of the machine/table number(if possible) dealer name, if i can remember, time I played, what game and what casino. Then the amount won/lost for that session.
For sportsbooks I really dont keep the games logged, I record the amount won or lost on that particular day. If I were to be audited, my records, and bank statements would match.
FREEBIE
I am not to worried about the legality issues as of yet. Where does it say it is illegal to bet offshore. Hell, alcohol causes the world more problems than some one placing a few bets.
The IRS is worried about one thing, and one thing only, that is getting their money. You pay them their cut, and they could care less if you got it pushing drugs.
I have more important things to worry about in life if someone is going to storm my apartment to bust me for placing a few wagers, something I enjoy doing.
I understand you must have more detail for sports bets, but never been audited so can't say for sure. I think you have to give more detail such as who you bet and how much and where you bet and the results of each individual bet. For table games you are supposed to have the sort of detail BB mentions, where you played, what limit, and your result.
