if make money by gambling, but do not have a job, do you have to pay tax on the money since its your only sourse of income?
2006-09-30 10:44:38 · 9 answers · asked by mcimpotent 3 in Business & Finance ➔ Taxes ➔ Ireland
u have to pay tax on like everthing
2006-09-30 10:45:53 · answer #1 · answered by v-ballgurl 2 · 0⤊ 1⤋
If you make money gambling, it doesn't matter whether you have another job or not, your winnings are taxable as ordinary income.
You can deduct gambling losses up to the amount of your winnings for the year as long as you can prove the losses.
2006-10-01 00:22:57 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Technically, yes. There is a place on US tax forms for gambling winnings and other non-taxed earnings. Does everyone report those earnings?, I doubt it
2006-09-30 17:48:03 · answer #3 · answered by ©2009 7 · 0⤊ 0⤋
yes you do at least here in the US you do, but only if you win more than £1200 on a jackpot that is because they have to fill out a tax form on it..
2006-09-30 17:48:52 · answer #4 · answered by nas88car300 7 · 0⤊ 0⤋
In America, you have to pay taxes.
Gambling winnings should be reported as personal income.
2006-09-30 17:46:47 · answer #5 · answered by Teacher Man 6 · 0⤊ 0⤋
yes...its like the lottery. you win. I think it falls under gift tax or something or maybe there is another name for it..not sure..but (at least if your in US) if you have money the gov will find a way to take it. and sadly ive thought about this...what if you never put it in a bank or anything...you just stuffed it in a mattress and used what you need when you needed it. dunno if that would work..big brother is always watching.
2006-09-30 17:47:37 · answer #6 · answered by Autumn M 3 · 0⤊ 1⤋
Yes you are supposed to declare it on your taxes.
2006-09-30 17:47:04 · answer #7 · answered by froggy010101 4 · 0⤊ 0⤋
if you mak X amount of money you pay tax.
2006-09-30 17:47:24 · answer #8 · answered by justmejimw 7 · 0⤊ 0⤋
wow
2006-09-30 17:46:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋