How do you avoid paying taxes to the IRS?

[Roma Norgy]

Also, there is no way to legally avoid paying taxes, obv. In fact, there's actually a law against denouncing your citizenship and leaving the country to avoid taxes. But hey, if you move to a country that does not have a tax treaty with the US, you're golden. Until you roll back into the country and get pinched at the airport like one of the Neteller founders.

[sethypooh21]

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greg - making up the law as you go along isn't a good idea.
You have to pay taxes on gambling-winnings.
Yes, it's stupid and the govt sucks. But you really need to do this.
Asking, "Why? I can just get away with such-and-such, right?" isn't going to get you anywhere.

You're not going to think of some clever way to get around this that the IRS hasn't thought of before.

For more info on this you can consult the taxes threads that Mike Haven has neatly incorporated into the sticky, check the 'Legislation' forum here where I'm guessing there might be further discussion, and get the book Gamblers Guide to Taxes by Walter L Lewis.

[/ QUOTE ]BOB,
I have done all this I lose on sports betting and have expenses that make up for any tournaments I won, so I dont make enough to tax. My friend did blow with Mike Matasaw in Vegas once and he had just lost 25 grand playing poker that night so people lose also.

[/ QUOTE ]Troll.

[Bobo Fett]

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how does everyone here avoid paying their taxes on gambling winnings?? [img]/images/graemlins/confused.gif[/img]

I am doing my taxes right now and wanted to know what I should do. I know they have no way of knowing how much money but I am trying to see how others right it off cause its technically not income.
thanks [img]/images/graemlins/grin.gif[/img]

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Your assumption is wrong. Gambling online leaves paper trails. Since you are asking the zoo, you have gambling winnings online. Which you either withdrew to your bank, or got a check from the sites. All withdrawal methods leave copious evidence of income. If you are audited (average probability ~0.5%), this income will be discovered with high probability. If this hidden income is at high proportion to you declared income, you will be accessed onerous penalties. In addition, you will be audited mercilessly every subsequent year. Do you want this risk?
I am not even talking about a small chance of jail sentence, if the income you hid was really big. If you still don't want to declare, at least calculate the EV of your action.

[/ QUOTE ]Thanks for the info, never knew so many people are this paranoid. I am asking how do I write off MY GAMBLING, NOT, NOT PAy taxes, JESUS CHRIST!

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Really?

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how does everyone here avoid paying their taxes on gambling winnings?? [img]/images/graemlins/confused.gif[/img]

I am doing my taxes right now and wanted to know what I should do. I know they have no way of knowing how much money but I am trying to see how others right it off cause its technically not income.
thanks [img]/images/graemlins/grin.gif[/img]

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Perhaps you should make things a little more clear before taking umbrage...

BTW if you are claiming that you lost more money than you won, and therefore you don't feel you should pay any taxes, why are you posting here? Don't pay them, and leave us alone.

[Yoshi63]

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I know they have no way of knowing how much money... SNIP ...cause its technically not income.

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1) If they want to know, they will know.
2) Nothing 'technical' about it, income is income. Gambling winnings are income.

[KurtSF]

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Thanks for the info, never knew so many people are this paranoid. I am asking how do I write off MY GAMBLING, NOT, NOT PAy taxes, JESUS CHRIST!

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You've been told this already in this thread. (1) You can only white of your losses up t the amount of your winnings. (2) You cannot write of related expenses unless you file as a professional gambler. I'll add (3) if you have a job you shouldn't bother looking into filing as a pro.

People here aren't paranoid. They are exceptionally smart, however, and really good at finding edges and taking the best of it. There is almost unanimous agreement that, due to the penalties involved if you are caught, paying your taxes is getting the best of it (even if "the best" isn't actually good).

[testaaja]

Live in Finland?

[cardcounter0]

Reporting winnings: The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. You may not use Form 1040A or 1040EZ.

Deducting losses: If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.

[ICE TREY]

even if you are a net loser technically you need to file all your winning sessions and simply deduct that amount in losses.

[Greg Olden]

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even if you are a net loser technically you need to file all your winning sessions and simply deduct that amount in losses.

[/ QUOTE ]THIS DESCRIBES ME! [img]/images/graemlins/grin.gif[/img] THANKS

[Greg Olden]

Who the hell is Mike Haven?
And why is he changing my posts and putting words in my mouth!