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#1
01-12-2005, 04:48 AM
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Should an 18 year old report gambling winnings on his taxes?
In the US, If an 18 year old is playing poker online at sites that only require you to be 18 or older, he is acting just as legally (maybe it's not legal, but just as legal for an 18 year old person as a 40 year old person) as any other American playing online poker. But considering there are no B&M places in America for under 21 gambling (that I know of) should he report it on his taxes?
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#2
01-12-2005, 05:14 AM
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yes
[img]/images/graemlins/wink.gif[/img]
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#3
01-12-2005, 05:17 AM
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Re: Should an 18 year old report gambling winnings on his taxes?
[ QUOTE ]
But considering there are no B&M places in America for under 21 gambling (that I know of) should he report it on his taxes? [/ QUOTE ] Wrong. There are 18+ casinos. There is no national gambling age of 21, I believe it's all statewide. Casinos generally restrict the age to 21 because it makes serving alcohol easier. You should report your gambling winnings at 18. The IRS doesn't care if you're gambling at 18, they only care if you're gambling at 18 and evading taxes. Freakin
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#4
01-12-2005, 05:25 AM
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No.
New tax code regulations make income obtained from playing poker specifically exempt from income taxes if you are under 18.92 years old as of the 3rd Quarter of the Fiscal Tax Year.
For those between 18.92 years and 19 years old, and not having a birthday on leap year day, they should fill out the worksheet on Schedule Z, and pay the greater amount of the total on line 23 or .345 of total winnings. Note: This is only for poker income, and only if you are 18. You cannot use this to avoid paying taxes on income obtained thru ponzi schemes, or trading baseball cards.
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#5
01-12-2005, 08:59 AM
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Re: Should an 18 year old report gambling winnings on his taxes?
I am in the exact same situation. My family's hot shot tax attourney, who happens to be a gambling law specialist, will be doing my poker taxes this year. It's not an issue at all that you are 18, regardless of your state's gambling age, simply because the poker site is based in Canada or Costa Rica where the gambling age is, as you said, 18. And there's some law that makes this 100% legal b/c of free speech or some wire act or something. So no, you will not get in trouble because you are underage. The IRS just wants their money. And truthfully, you probably wouldn't get caught if you didn't file, but better to be safe than sorry.
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#7
01-12-2005, 12:40 PM
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Re: Should an 18 year old report gambling winnings on his taxes?
The IRS doesn't care whether you make money illegally, they just want their cut. Seriously. They won't share their data with any law enforcement agencies, so you're much more likely to get in trouble for tax evasion than for playing poker illegally.
-Mike
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#8
01-12-2005, 12:50 PM
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Re: Should an 18 year old report gambling winnings on his taxes?
[ QUOTE ]
The IRS doesn't care whether you make money illegally, they just want their cut. Seriously. They won't share their data with any law enforcement agencies, so you're much more likely to get in trouble for tax evasion than for playing poker illegally. -Mike [/ QUOTE ] This is 100% correct. You should pay your taxes.
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