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Reporting $$ from sports betting
Long time lurker, first time poster here. Have a question.
I'm a medium limit poker player, with around a $10k b-roll. Don't really withdrawl money all that often. But I will be getting into the 'big boy' league of sports betting in the next 6 months. Should be making $20k + next year, betting $500-$1,000 a game (knock on wood that I have a winning season). I'll probably be withdrawling at $5k a clip. Online poker and sports betting are both illegal in the US. Do I still report these earnings ? Is online poker winnings and sports betting earnings both teh same ? Aren't checks over $6,000 automatically reported to teh IRS ? 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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