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#2
11-10-2003, 09:30 PM
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Re: Internet Taxes
Legally all winnings must be declared as income. All income of an American citizen is taxable regarless of where in the world it was generated. You go to Canada and win $2 on a horserace, its income and taxable.
Likewise If your making a profit, Losses are deductable. You are supposed to have documentation for all win and losses. A spreadsheet or Diary can be used for this purpose. Actual practice may vary substantially. 
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#3
11-10-2003, 09:32 PM
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Re: Internet Taxes You win, you must pay ... It\'s the law*
* subject to some deductions which Cyndee will be only too happy to tell you about.
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#5
11-10-2003, 09:44 PM
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Re: Internet Taxes You win, you must pay ... It\'s the law*
I use to play poker full time.Then I filled out a schedule C on my tax form and was able to deduct my expences ,but I now have a full time job and was told that if a person works more than 6mo. they are not able to deduct losses and expences .
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#6
11-10-2003, 09:49 PM
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Re: Internet Taxes You win, you must pay ... It\'s the law*
[ QUOTE ]
Who is Cyndee ? [/ QUOTE ] I could tell you, but your ears would fall off due to my swearing. Sorry
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