How do you avoid paying taxes to the IRS?

[terrellk11]

If you don't pay taxes on it, you are an idiot. You don't think that the IRS has gotten their hands on all the Neteller information as part of the deal with the DOJ? You don't think they're going to be looking for idiots who don't report income earned from online gambling?

And to deduct your losses from gambling, you have to have incredibly good records to back them up. Your word that you lost $10k playing blackjack at MGM Grand isn't going to cut it. You need receipts to back it up. And unless you're a professional gambler, the cost of getting to or staying in Vegas can't be deducted either.

[MicroBob]

I'm not that wise.
I might be occasionally arrogant. No biggie.
I suspect I'm being much nicer to you about this topic and your observations than most 2+2'ers would be.

[Greg Olden]

[ QUOTE ]
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.

[KurtSF]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
pay your taxes

[/ QUOTE ]I do pay my taxes, I am asking about internet gambling,what do people do with that money?

[/ QUOTE ]

Pay taxes on it.

[/ QUOTE ]why?

[/ QUOTE ]

Its the law.

[Girchuck]

[ QUOTE ]
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]

[/ QUOTE ]

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.

[Roma Norgy]

OP: To the best of my knowledge, you have to claim yourself as a professional in order to right off trip expenses. Gambling losses can be deducted regardless.

Also, in 04' I had a real a job but made a decent amount of money in the last quarter of that year on partypoker. I just claimed it all as other income and ended up paying instead of getting some money back.

[cardcounter0]

Just pay the IRS whatever you feel is right on whatever you think you should be paying on.

Trip report of results please.

[Greg Olden]

[ QUOTE ]
[ QUOTE ]
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]

[/ QUOTE ]

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!

[marvin_1935]

1. make money gambling
2. don't pay taxes
3. go to jail
4. ?????????????
5. profit

op is a huge troll

[Yoshi63]

Destroy the IRS.

Otherwise, you pay. If you only made $100, then you won't have to pay hardly anything extra, so just pay it. If you made $100,000 - you aren't getting away with anything, so let yourself off easy, suck it up, and just pay correctly.