Reporting $$ from sports betting

[AcmeSalesRep]

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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