Online gambling payout
I won 21,000 dollars playing blackjack at
bodog online casino. I paid with instant
check and the payout will also be paid with
instant check into my account. I was
wondering if I can get in any trouble for
these winnings and what I can do to not
get into any trouble?
Asked on 12/03/06, 5:43 pm
1 Answer from Attorneys
Re: Online gambling payout
You will most likely receive a W2-G at the end of the year from the online service, indicating your winnings.
If you have gambling losses from the year, you may deduct them up the extent of your winnings (if you have evidence of the losses).
Consult your tax preparer to be sure that you report the earnings and losses in the proper way.
Answered on 12/04/06, 1:16 pm
Related Questions & Answers
-
Taxes on Joint Tenancy Real Estate 1992 Mom puts son on deed, JT. No money... Asked 1/29/06, 10:41 am in United States Illinois Tax and Taxation Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
