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#1
04-06-2007, 03:41 PM
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How do you avoid paying taxes to the IRS?
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] * Edit/MH: Edited post title, only. 
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#3
04-06-2007, 03:46 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
[ QUOTE ]
pay your taxes [/ QUOTE ]I do pay my taxes, I am asking about internet gambling,what do people do with that money?
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#5
04-06-2007, 03:48 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
if you are not paying taxes on your gambling winnings then you are only paying SOME of your taxes.
The correct answer is that you should pay your taxes. The next correct answer is those who try to get around paying their taxes on gambling-winnings would be kind of dumb to brag about it on here and give you an instruction booklet on how to do it. You can either withhold and hope the IRS just doesn't notice (bad idea) or you can play it safe and pay your taxes (a better idea)
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#6
04-06-2007, 03:49 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
[ 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? its gambling, then can i write off all my gambling loses and trips to Vegas???
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#7
04-06-2007, 03:52 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
[ 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? its gambling, then can i write off all my gambling loses and trips to Vegas??? [/ QUOTE ] If your gambling wins>your losses you can write off the losses.
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#8
04-06-2007, 03:52 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
[ 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? its gambling, then can i write off all my gambling loses and trips to Vegas??? [/ QUOTE ]You can write off losses only to the extent of your winnings - which means you have to keep records (which you should be doing anyway). And honestly, if it's going to add that much to your bill, you're balla anyway, and can afford it.
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#9
04-06-2007, 03:54 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
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.
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#10
04-06-2007, 03:54 PM
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Re: HOW DO YOU AVOID PAYING TAXES TO THE IRS?
[ QUOTE ]
if you are not paying taxes on your gambling winnings then you are only paying SOME of your taxes. The correct answer is that you should pay your taxes. The next correct answer is those who try to get around paying their taxes on gambling-winnings would be kind of dumb to brag about it on here and give you an instruction booklet on how to do it. You can either withhold and hope the IRS just doesn't notice (bad idea) or you can play it safe and pay your taxes (a better idea) [/ QUOTE ] MICROBOB you seem to be the wise old man of these forums and people respect you, however,you come off very arrogant at times.
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