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#1
03-02-2005, 12:02 AM
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tax question regarding being underage
i know there are already too many threads concerning taxes, but i couldn't find anything about this in the cluttered search results i got. Ok, so I am under 21 and play online at those sites that are 18+. I figure i'm going to have to claim my winnings for taxes, because i'm already up over 1500 for the year, and i'm only playing .50/1 right now. From what I understand, you only technically need to be 18 to gamble in the US, correct? So will I have any problems filing taxes as a professional gambler being under 21? hope this made some kind of sense.
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#3
03-02-2005, 12:08 AM
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Re: tax question regarding being underage
I'm 20 and paid taxes on my gambling winnings from last year. You only need to be 18 to gamble in most jurisdictions in the US (which is actually a state law I believe and not a US law). Either way, whether your act is illegal or not you still have to pay taxes on it. Drug dealing income, for example, is taxable and "should" be claimed. I remember a certain Mr. Gotti who got screwed on tax evasion charges.
Technically, the IRS isn't supposed to share any tax information with other law enforcement agencies. So filing as a professional drug dealer on your taxes shouldn't have the feds knocking on your door.
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