Just put it under gambling winnings. If it's a substantial amount, you might have to do a schedule C. I've also heard of people like Fishhead claiming it as investment income, but I don't think that's the proper way to do it. If it's a lot of money, see a tax attorney.My question is how do you claim your gambling winnings if you made a good amount from an illegal bookie/bookies? I mean poker money you can sort of cover since casinos don't have you fill out paper work if you win a bunch in a cash game (tourneys are different I believe). I would like to hear from some people that have made some money from the local this past year.
thanks
My question is how do you claim your gambling winnings if you made a good amount from an illegal bookie/bookies? I mean poker money you can sort of cover since casinos don't have you fill out paper work if you win a bunch in a cash game (tourneys are different I believe). I would like to hear from some people that have made some money from the local this past year.
thanks
Look at it this way.....if you pay your taxes, how can you get in trouble? 1% chance you get charged, and if you are, it will be a misdemeanor gambling charge with a $250 fine or even just a ticket or something. Tax evasion could be a different story.