Money Question. Help a Young one

[BurningInferno]

Say I'm only 19 but have been playing on sites where your minimum age is suppose to be 21 and have won lots of money, and it has been my only source of income for the year.
When I have my taxes done and put down the sites I have been playing on, are they going to be tattle-tales and tell on me and get me banned or am I okay. Because I have alot of money on there and it would be pretty life destroying. Also I live in New York which I hear is pretty heavy on taxes. So what percent of money will they be taking?

[Hojglad]

Report your income. There are many Indian reservations where gambling is legal at 18. You don't need to tell them it came from gambling online.

[RunDownHouse]

What if state law prohibits online gaming in your area?

[Hojglad]

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What if state law prohibits online gaming in your area?

[/ QUOTE ]
What state prohibits online gaming?

[Cubswin]

What if state law prohibits online gaming in your area?

Report it. Any penalty the IRS imposes on you will be much more harsh then what your state would impose on you for breaking their gambling law. How many people in your state have been arrested under its internet gambling law??? how many have been busted for income tax evasion? that should settle it.

If that doesn ease your worries, remember the IRS doesnt give a rats ass how you made your money as long as you claim it as income. They will not inform any other government agencies of your doings.

cubs

[Rudbaeck]

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What if state law prohibits online gaming in your area?

[/ QUOTE ]

Then penalty on breaking this law is most likely dwarfed byt the penalty for cheating on your taxes. And that is if IRS reports it, which I doubt they will.

[Cubswin]

IL, LA, NV, OR, SD and WS

[BurningInferno]

I know I'm certainly going to report it. The stories I've heard about tax evasion are pretty intimadating. So I should just report it that I won it at a Casino instead of the internet? Okay last question. I've been keeping a log of how much money I have made each day/session, but I don't have any proof. I've been cashing out with checks on the sites. Do they just trust my word?

Thanks for the help guys. Very helpful.

[Art Vandelay]

WS=Washington state?

[Cubswin]

WS=Washington state?

My bad... i meant WS... WS being Wisconsin.....

shows you how often i send letters to the land of over-weight cheese eating women... [img]/images/graemlins/ooo.gif[/img]

cubs