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I've read till my eyes are crossed, but have yet to find an answer to my questions. Maybe there are none. Anyway, read, and answer or point me in a direction, and I will be most appreciative.
I been in BoDog for most of a year, gambling online hard. Cash has flowed both ways, from me to them and them to me. Most action before the dreaded law change. Very little afterward. How do I pay taxes? Just on the money that was pushed through to my bank less what I pushed through to them? Obviously, there are no 1099's available or reporting done yet. However, if the IRS looks at my bank statement, they'll see large transactions. So I don't want to go to jail and I really do want to pay what is fair. If I go off my deposits and withdrawals it's one number. However, If I did win something and I put it all back in immediately as most addicts do, how do I count that money? That's my dilemma. Do I go with hard numbers off my bank statement or try to come up with winnings and losses from Bodog? Thanks in advance. I really do appreicate the help. |
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