Originally Posted by
Tasha
Enlighten me, KewlJ, on why taxes need to be filed on wins that didn't generate tax forms? For instance, I won like $700 on a $2.50 bet when I got almost a full screen of The Dragon(Top Symbol) on 50 Dragons in 2013 or 2014. I ended up playing a little more and then I ended up leaving with about $1,000. I didn't file taxes on that as I didn't get any Paperwork Forms to fill as my wins were all under $1200.
Look Tasha, I don't write the tax laws.
So with your dragon example, I am sure you had other play that year that resulted in losses that offset that single day win, so you would owe no taxes. BUT let's say for example that was the only day you played and you had no other losses to offset, then by law you owe taxes on that $1000. 99.999% of people wouldn't pay it, but technically you owe it.
Now take a professional player. jbjb says professional players can fudge the records and this is very true. I am sure some do. But you know, how do you explain the house you bought, or even rent you are paying, the cars you drive, the furniture you buy, the food you buy, if you aren't claiming and paying taxes on winnings?
Sooner or later, it catches up with you. And I am not a guy who likes looking over his shoulder. Plus, I actually like paying my fair share. It makes me feel good. Now am I certain that I have paid every dollar I owed? You know what, I am not even going to go there....anonymous or not.
But I feel real comfortable with everything.
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