Re: what to do with your winnings...
[ QUOTE ]
[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like depositing $10k all of a sudden which hasn't happened for me yet).
[/ QUOTE ]
There are lots of threads here talking about taxes.
The short of it is (for most people)...
(1) add up the winning sessions and this is reported as income;
(2) add up the losing sessions and this is deductible as an itemizable deduction
If you do not itemize or your winnings push you across a threshold level (such as where you lose your education tax credits), you get screwed.
Acme
[/ QUOTE ]
Almost everybody goes past that threshold, so saying anybody except the very lowest limit players can itemize their gamblings.
The short of it is for any gamblers that make an insignificant income from gambling that if you can't handle the forms to file as a professional gambler, you should have somebody do it for you.
|