Do bonuses affect taxes? (US)

[deception5]

Just curious if you have to claim these at all or if it is just winning and losing sessions?

Thanks!

[Jeffage]

Bonuses are income and taxable.

Jeff

[bobbyi]

Jeff, do you now how they should be claimed? Are they considered "gambling winnings" despite the fact that you didn't actually win them by winning a wager, or are they considered some sort of "gift"?

[jba]

[ QUOTE ]
Jeff, do you now how they should be claimed? Are they considered "gambling winnings" despite the fact that you didn't actually win them by winning a wager, or are they considered some sort of "gift"?

[/ QUOTE ]

i am not a lawyer

but I think it's earned income.


oh and I'm not an accountant either.

BONUSES ARE A GIFT!

you can accept as of 2004, 11,000 a year tax free

thats what I am claiming them as [img]/images/graemlins/grin.gif[/img]

[Niediam]

It seems somewhat safe to assume bonuses fall into the same catagory as B&M casino comps. The IRS used to say that comps were separate from an individuals gambling activities. Some whale lost quite a bit of money in vegas but received something like a million dollars of comps (far less than what he lost of course)in comps and the IRS said he he owed taxes on the million. The whale challeged the IRS ruling in court and the court ruled that the comps should be considered in the same catagory as gambling winnings...

what it really come down to is you people are idiots! [img]/images/graemlins/grin.gif[/img]

ALL of the bonuses given out by websites and casinos are an incentive to gamble more and spend more money and 95% of the money goes right back into circulation. SO all the losing players who lose all their bonus money are tax evaders cause they didn;t stop and claim their money before they went and gambled it away ????? GET REAL!

[img]/images/graemlins/crazy.gif[/img] Some of you need to chill the hell out [img]/images/graemlins/cool.gif[/img]

[Emperor]

You are absolutely correct that if they did not claim said bonuses, rakeback, gifts, comps, that they are evading taxes.

[TobDog]

Just because you dont like the answer, does not mean you are right. IK would love to claim the millions(ok, not anywhere near that much) that I have won from opponents was all gifts, however, that is not tax free. I am not saying that I like the system, but it is all taxable, you are expected to report it, up to you what you do, but you are expected to report it. Say hi to Jacko for me.

TobDog

[GoCubsGo]

Are there any cases of a person getting in trouble for not reporting bonuses? What if you don't report anything at all? How much money can I accumulate before I have to worry about reporting it?