Should money earned from online gambling be reported to the IRS?
Monday, March 16th, 2009
RockStar asked:
Online gambling was made illegal in the US a couple of years back but there are a few (mostly Canadian) sites that still accept US players. Even though it is illegal in the US to gamble online, should an individual include those profits on their federal tax return?
I guess my question is: If one reports the income then that individual admits to ‘breaking the law’ but if they don’t then they are breaking the law by withholding taxable income from their tax return.
Bill
Online gambling was made illegal in the US a couple of years back but there are a few (mostly Canadian) sites that still accept US players. Even though it is illegal in the US to gamble online, should an individual include those profits on their federal tax return?
I guess my question is: If one reports the income then that individual admits to ‘breaking the law’ but if they don’t then they are breaking the law by withholding taxable income from their tax return.
Bill