question about gambling

[Darren Avey]

You re obviously a big time successful gambler, I just wondered is there a tax situation with being a pro gambler? Because I cant believe the inland revenue slags would let you off with paying nothing. These fuckers would have noted you in nice cars and houses and thought wheres our pound of flesh.

[_aj_]

In the states, your winnings are reported to the IRS and its taxed as ordinary income.

[calfzilla]

Most likely he takes a net loss every year. Unless he is good at poker then it's possible he could profit from that since you're just competing against other morons and not the house.

[bigmc]

You re obviously a big time successful gambler, I just wondered is there a tax situation with being a pro gambler? Because I cant believe the inland revenue slags would let you off with paying nothing. These fuckers would have noted you in nice cars and houses and thought wheres our pound of flesh.

prize money isnt taxed in the uk

[Flexacon]

Winnings from gambling in the UK are not taxed and pro gamblers are not required to pay tax on any yearly profit. There was a case recently of some woman chasing child support payments from a pro gambler. She got nothing as being a pro gambler does not constitute gainful employment.

[Competitor 9]

I suppose you only pay on as much as you report.  Plus there has to be a ton of write offs as you could label yourself a business

[Primemuscle]

Being a gambler is self-employment. When someone is self employed they have a lot of latitude when it comes to reporting income. A lot of gambling is done on the sly, which means the IRS is never going to be the wiser. I'm not saying one can't get caught with a lifestyle their reported income can't possibly support, but what I am saying is that it is a lot harder for the IRS to catch one then one would think.

[tommywishbone]

 
http://www.amazon.com/Tax-Help-Gamblers-Poker-Casino/dp/0929712536

Hi D  hope you're well.

Since the mid 90's I've spent years inside casinos- often with work, often because I like casinos. That link will give you most answers you need if you're a US citizen.  There are tax attorneys that specialize in working with gamblers.  If you're making big money gambling it would be worth your time consulting with a tax professional that lives and works in Las Vegas.  Believe me.

In the UK there are most likely attorneys that have experience with gamblers as well. Find a pro and pay him- you'll sleep better.

Stay cool man.    

[Darren Avey]

I signed up with William Hill yesterday and beginners luck won £145.90 in a football accumulator! I believe that now makes me a big time high roller.