Taxes.

[Colombo]

Can anyone educate me on how the US government taxes profits from online gambling sites? Is there any way to avoid being taxed?

[spydog]

1) Use the search function.
2) Pay your taxes or risk going to jail.

[Zetack]

[ QUOTE ]
Can anyone educate me on how the US government taxes profits from online gambling sites? Is there any way to avoid being taxed?

[/ QUOTE ]

Lose money.

Seriously, you won't like the answer when you hear it, its pretty messed up.

[BottlesOf]

Yes. The US govt taxes profits from gambling winnings, based on the winnings you report in your return. Avoid being taxed? Sure, just don't report the income. Enjoy an audit if and when one comes.

[Slappz]

Just search it, theres 100 tax threads already

[dogmeat]

Just pay your taxes. It's a small price to pay to live in this great country with all its benefits - and is much better than failing an audit and paying a huge fine or going to jail.

Dogmeat /images/graemlins/spade.gif

[DrFeelgoodRC]

move to canada

[Nilbud]

Or Ireland.

[obsidian]

I plan on paying my taxes because I know exactly where I would be in the prison hierarchy.

[Freakin]

Theres a slim chance they would send a poker player to jail for tax evasion. He can't pay taxes in jail, and he'll likely be changed for the worse. They would rather fine you heavily and make you pay it.

Freakin

[ISF]

[ QUOTE ]
Is there any way to avoid being taxed?

[/ QUOTE ]
Send it directly to an account in luxemburg if you dont need it or plan on spending it in the US.
But if you plan on spending it here it will catch up with you if you dont report it.

[ds914]

/images/graemlins/grin.gif

Is it true that you do not have to pay taxes on gambling in Canada?