#1
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Taxes: \"Nature and Source\" of Online winnings?
I'm sure it's all been covered before, but search provides little help.
What should I call the "Nature and Source" of my online winnings on my taxes? My CPA wanted to call them "other gambling winnings" (internet) -- I guess I'm ok with that if there's absolutely no risk of calling the income such post-UIGEA. Although, my understanding is that tax filings are public records, and anyone later in life will be able to see that I gambled online in the future if they looked at old tax returns -- is that accurate? To simplify, my questions are: 1. What should i call the "Nature and Source" of my online winnings? 2. Can I be incriminated by my tax return? (I'm 99% sure the answer is no to this, but I would rather be 100% sure) 3. Are people going to be able to 10 years from now see that I gambled online in 2006? Thanks, Jack |
#2
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Re: Taxes: \"Nature and Source\" of Online winnings?
Why the heck would you have to say that it was online? Just put "gambling." If you're CPA thinks you need to say anything about it being on the internet, he/she is retarded. I assume you're filing this on schedule A?
Yes, people could see that you gambled 10 years from now... so what? You seem to think that all gambling is illegal for the person placing the bet, which is wrong. And even if you're state has a law against it, they're never enforced. |
#3
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Re: Taxes: \"Nature and Source\" of Online winnings?
if america ever becomes the type of totalitarian regime that would go back to past income returns and start arresting people for gambling online... it's probably time to move to canada
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