Re: Paying Taxes?
[ QUOTE ]
pff who pay taxes these day.... not me
anyways what do you mean by minus gambling losses?
[/ QUOTE ]
I'm assuming we are talking about the US here. [img]/images/graemlins/smile.gif[/img]
You owe federal tax on the total of your winning sessions. You then have the option of itemizing your deductions and deducting the total of your losing sessions (but only up to the total of your winning sessions).
OP: You are supposed to declare your gambling winnings even if its just $1.
|