| Posted by: jondo at March 2, 2002, 10:24 am | | Topic: regulation vs irs Forum: Winner Online |
But would you want your gambling,cc activity,etc be scrutinized by the irs?
all gambling wins must be reported on a 1040
play 100,000 hands of bj at $5/hand could easily give you an income of $200,000. Add this to your AGI and all of sudden you lose certain deductions. IRS will allow you to net win/losses by sessions, but does not define sessions. How would you define a session online? How would the IRS? It is different than land based gambling.
You can deduct gambling losses up to the amount of wins, but unless you are a professional you must itemize these on schedule A. Many people don't itemize and would lose their standard deduction or end up paying tax on what should be losses. ie win $1000 at casino A lose $1200 at casino B
It even gets worse if you live in a State with income tax.
With the ery ague way IRS treats gambling, this to me is a scary thing. The IRS will end up as the ultimate bonus scammer.
eek, do you have to pay tea tax?
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