Re: Reporting $$ from sports betting
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Online poker and sports betting are both illegal in the US.
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Not true.
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Do I still report these earnings ?
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You have two choices: report the earnings or break the law.
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Is online poker winnings and sports betting earnings both teh same ?
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Almost all earnings are the same.
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Aren't checks over $6,000 automatically reported to teh IRS ?
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No. But you can be sure this type of activity would be reported...
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SO if i show a bank a check of $6,000 that says "pinnacle sports betting" won't that raise a red flag ?
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Red flag for what? That you may owe taxes -- yes. That you are smuggling coke -- no.
Acme
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