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by ThunderSizzle 629 days ago
It's a lot easier for the IRS to track your betting earnings when it's reported to them directly by the broker.

Of course doing it in a way so it can't be tracked keeps the IRS ignorant, which is a big deal to many people
1 comments
mnahkies 628 days ago
Huh TIL that the usa taxes gambling winnings, and that you can offset with losses up to the amount of winnings (https://www.irs.gov/taxtopics/tc419)

Guess it's good my luck was terrible in Vegas or I might've inadvertently committed tax fraud. Though now I'm curious if I had won a few hundred dollars would there have been tax due?

I'm pretty sure it's tax free in most countries.

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robotresearcher 628 days ago
In the UK you can choose to pay tax on your stake when you place it, so that your winnings are tax free, or not, in which case your winnings are taxed.
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mnahkies 628 days ago
Are you sure? I never make bets over £20 or so, but my understanding is if I hit it big there's no tax to worry about - this source seems to agree, unless you're a professional gambler which somewhat makes sense https://intelligentodds.com/gambling/do-you-pay-tax-on-gambl...
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robotresearcher 628 days ago
According to that link, it changed in 2001. I left the uk before that. Now I feel very old.

Thanks for the correction.

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