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How do you file taxes with this? Do you file both profits and losses?
Maybe the moderators can move your question to the gaming, or entertainment, or personal tax section.
If you go to Las Vegas and win $1000 on Tuesday, then lose $500 on Wednesday and then go home, you claim your winnings. If you itemize, you can deduct the losses.
You can claim your losses up to the amount of your winnings.
Ex: You lose $1000 on Tuesday and then win $500 on Wednesday and then go home, you can only claim $500 of your losses.
Maybe the moderators can move your question to the gaming, or entertainment, or personal tax section.
If you go to Las Vegas and win $1000 on Tuesday, then lose $500 on Wednesday and then go home, you claim your winnings. If you itemize, you can deduct the losses.
You can claim your losses up to the amount of your winnings.
Ex: You lose $1000 on Tuesday and then win $500 on Wednesday and then go home, you can only claim $500 of your losses.
There is no law that I know of, that prevents a U.S. citizen from travelling to Las Vegas for a day of gaming. There are greyhound dog racing tracks in Alabama, casinos in New Jersey, etc.
You are free to travel to any of these places and indulge. Taxes are between you and the IRS.
Only you know your tax bracket. The IRS has a toll free number and you can call and ask them any questions you have.
There is no law that I know of, that prevents a U.S. citizen from travelling to Las Vegas for a day of gaming. There are greyhound dog racing tracks in Alabama, casinos in New Jersey, etc.
You are free to travel to any of these places and indulge. Taxes are between you and the IRS.
Only you know your tax bracket. The IRS has a toll free number and you can call and ask them any questions you have.
Right, but I am sitting in a home in Texas using Intrade.
Nevada has laws against online gambling not offered by Nevada licensees. Texas to my knowledge does not. So actually you are in better legal standing. However no one has ever been prosecuted for online gambling save for one guy who admitted it in court and paid a fine and got some silly probation. I think he was from North Dakota. Outside of that there have been zero prosecutions for online gambling. Recently the big poker sites have been sending around 1 million refunds of balances to US players. Zero prosecutions forthcoming from any authorities.
So if you wonder if what you are doing is legal, maybe it is, maybe it isn't. It would actually be a tough case, but feel about 99.99% certain your biggest risk is losing your money. However what you are doing is 100% taxable and its actually tougher to properly document it than you think. You have to put every "win" in one line item and every "loss" on a separate line. If your next 5 bets result in three $100 wins and two $100 losses, you actually have to put in $300 in gambling income and $200 in gambling losses on another section of your taxes. It does make a huge difference to anyone who does not itemize deductions.
99.99% certain your biggest risk is losing your money.
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......poker, horses, dog racing, sports, stocks, slot machines, craps, even bingo where you "buy" a card and try to win money, state lotteries, etc.
The national debt might go down if they would tax the people who run the online gaming.
b
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......poker, horses, dog racing, sports, stocks, slot machines, craps, even bingo where you "buy" a card and try to win money, state lotteries, etc.
The national debt might go down if they would tax the people who run the online gaming.
Thats why they banned it...haven't figured out how to tax it yet.
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