Question about online sports betting...

[trilks]

So I'm going to start betting on sports online, since I feel I could make a few bucks each month. Nothing too major. But I was wondering how you pay taxes on this income? I assume you just declare it on your 1040s, since I wouldn't get a W-2 or anything. And would the IRS even notice if I didn't declare?

Not a huge deal, just wondering what others have done. Cheers.

 

[sygyzy]

It becomes part of ordinary income.

Yes, the IRS would notice. You must be joking coming on here hinting at tax evasion. Just like any crime, you might not get caught 100% of the time, but you will eventually.

 

[Kev]

where do you go online to bet? are there actually legit sites?

 

[royaldank]

Isn't this like asking, "So, I'm going to sell some pot here and there to make a few bucks. How do I report this income for tax purposes?"

 

[royaldank]

Also, to make your betting easier, just put all your money on Boise State. You'll double up and only have to look for one score on Saturday night.

 

[trilks]

Originally posted by: royaldank
Isn't this like asking, "So, I'm going to sell some pot here and there to make a few bucks. How do I report this income for tax purposes?"

How is selling weed and betting on sports the same?


And no, I'm not really looking to avoid taxes. It was more of a rhetorical question, I guess.

 

[royaldank]

Originally posted by: trilks
How is selling weed and betting on sports the same?

Both are illegal in most places in the US.