The sportsbook is based in Costa Rica, so I was wondering if I need to report that income to the US governement, since I am a US resident.
2007-02-06 05:13:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I know I saw a section where u can claim your wages as gambling or other wages so u can include them there I am sure.. they also have a section for forgien wages.. hopes this helps.
2007-02-06 05:19:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yeah, but you're in a bit of a pickle there as on-line gaming is illegal in the US. Just record it on line 21 of Form 1040 as "Gambling Winnings" and leave it at that.
Don't even THINK of trying to claim a deduction of your on-line gaming losses! That will expose you to prosecution for violating US gaming laws!
Keep in mind that it is illegal to transfer money to US bank accounts that originate from on-line gaming sites. The authorities are clamping down on this and there's a strong chance that your winnings may be stranded at some point in the future.
2007-02-06 05:19:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It is illegal to gamble in NC, even online, other than at the NC lottery or the one NA casino in the state. They can seize all of your winnings. It's a misdemeanor though, so no jail time unless you have more than 5 previous convictions, and then the max is 60 days.
2016-03-29 07:53:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes you do. If you itemize you can deduct gambling losses up to the amount of your gain, so that could help a little.
2007-02-06 05:18:25 · answer #4 · answered by Judy 7 · 0⤊ 0⤋