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#1
07-02-2007, 04:19 PM
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Tax questions
Not sure if this is the right place for this...
Are taxes required to be paid on earnings or cashouts in a given year? For example if this year I win $20,000 and cashout $10,000 and keep the other $10,000 online for building my br, can I only pay taxes on the 10k cashed or do I have to pay on the 20k total? Also if this year's winnings are used to pay off previous year's gambling debts, can any type of write-off be made there. Thanks for any insight in advance. 
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#2
07-02-2007, 04:26 PM
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Re: Tax questions
[ QUOTE ]
Not sure if this is the right place for this... Are taxes required to be paid on earnings or cashouts in a given year? For example if this year I win $20,000 and cashout $10,000 and keep the other $10,000 online for building my br, can I only pay taxes on the 10k cashed or do I have to pay on the 20k total? Also if this year's winnings are used to pay off previous year's gambling debts, can any type of write-off be made there. Thanks for any insight in advance. [/ QUOTE ] You need to talk to a tax professional because you aren't even close to understanding how gambling income is computed for tax purposes. Also, there are differences if you are a pro or not. But the amount you are taxed has nothing to do with how much you cash out. That's like saying if you have your regular job pay check direct-deposited into a bank accout, you only have to pay tax on how much money you took out of the bank. We all wish that was the case! [img]/images/graemlins/smile.gif[/img]
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#3
07-02-2007, 04:28 PM
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Re: Tax questions
Obviously I plan on doing that, just looking for a little prior knowledge.
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