Taxes

[ghostly]

Does anybody know a good accountant who knows the ins and outs of claiming income from sports wagering?

[Bob]

Where do you live? What country?

[ghostly]

North Dakota, USA

[Fred]

Does anyone know the Aussie tax situation? AV2, Boris?

I guess a gambler first has got to be good/lucky enough to make a profit before worrying about tax.

I remember seeing an Aussie horse betting professional on TV implying he doesn't pay tax on his profit. But I don't know what the law is or if it's possible to interpret the law in our (the punters') favour.

Any info appreciated.


[This message has been edited by Fred (edited 12-13-1999).]

[DOEDZ]

Ghostly-

I'm also from ND.
What part are you from?

doedz

[ghostly]

DOEDZ-

I'm from Fargo. Where are you from?

ghostly

[DOEDZ]

I'm also from Fargo

[pk]

Wow, I didn't realize we had so many sports bettors from Nodak. I'm from Bismarck.

PK

[Kiss of Death]

Since sports wagering is illegal in the States, outside of Nevada, I think you could be looking at some trouble if you claim winnings. If you won money on sports in Nevada, if it is small, forget about it. If the casino gave you a W2g(I believe that is the form) you just add it with your other work related W2's.

If you try to "offset" the wins with losses, the IRS will jam a microscope up your butt and call you a lying thief!

Good luck, and glad you won!

[ghostly]

I didn't think it was currently illegal to place wagers offshore-with the exception of four states.

[AussieVamp2]

Fred,

Gambling winnings are not taxable in Australia.

However, if anyone was silly enough to declare themselves as being a professional gambler as their income, you would, and I have read about horse racing types who were who were hassled by the ATO for so doing, so you ever get there, have some other job as cover

[reno]

Never, on your tax forms, state your occupation as "sportsbettor," or "professional gambler." Guys I know who did, later regretted it. It is a red flag for the IRS.