gambling tax question

michael777 · Apr 3, 2007

surprisingly,i was in the plus for 2006 :>Grin> ,i failed to keep accurate records of all my bets,can i add up all the money that went into my bank from offshore gambling,then deduct all the money that i deposited to offshore and pay tax on the difference? thanks

bigbet1234 · Apr 3, 2007

You can do it that way, as long as you have an accurate record of what was won and lost.

Now, for the state, depending on the state, you have to pay taxes on the amount won, and you can't deduct losses in the good ole' state of Ohio.

michael777 said:
surprisingly,i was in the plus for 2006 :>Grin> ,i failed to keep accurate records of all my bets,can i add up all the money that went into my bank from offshore gambling,then deduct all the money that i deposited to offshore and pay tax on the difference? thanks

sean1 · Apr 3, 2007

You can always deduct losses if you file as a business.

Sean

BillyWaltersJr+ · Apr 3, 2007

sean1 said:
You can always deduct losses if you file as a business.

Sean

Can you explain how this would work?

ElJefe · Apr 3, 2007

michael777 said:
surprisingly,i was in the plus for 2006 :>Grin> ,i failed to keep accurate records of all my bets,can i add up all the money that went into my bank from offshore gambling,then deduct all the money that i deposited to offshore and pay tax on the difference? thanks

This is a better effort than a lot of winning gamblers would attempt and I would just go with it.

SportsKing · Apr 3, 2007

bigbet1234 said:
You can do it that way, as long as you have an accurate record of what was won and lost.

Now, for the state, depending on the state, you have to pay taxes on the amount won, and you can't deduct losses in the good ole' state of Ohio.

WTF is this! I thought Wisconsin was the only state that did that. MFing Ohio and Wisconsin. Those two states are gambling hell. Gamblers need to stop gambling in those states. Gamblers are getting ripped off big time!:WTF::youmad: