Re: Who Reports Their Winnings As Income?
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I played HE with a guy a casino one time who asked a lawyer about reducing the amount of taxes he had to pay on his winnings. The lawyer told him to withdraw a bunch of money from an ATM every time he went to the casino and keep a receipt for it. With cash payouts, there is no way the IRS could prove that you DIDN'T lose the money gambling.
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This is by far the best option in terms of risk/reward ratio. Don't dodge the taxman unless you want to live your whole life that way. If the interest catches up to you in 5 years like it did to my uncle, you can owe nearly double what you tried to avoid. Not to mention long term concerns such as retirement and insurance, which will be accounted for by your income.
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