IRS rules re sports gambling winnings/losses? - 2006/07/28 22:01Does anyone know the IRS rules? When one receives a payment from a sports gambling site, is it required that it is reported to the IRS? Does the sports gambling site report it to the IRS if the site is located outside the USA? Is it contingent upon the amount of money that is paid? Thanks for any information.
Re:IRS rules re sports gambling winnings/losses? - 2006/07/29 06:22must weakly report it to the IRS within 15 days. While some may see it differently which form is used depends on whether it is a Nevada, Indain, or other casino. Transactions with foreign casinos/books occur in the cuontry of origin, and are thus subject to the reporting laws in the applicable country. There are frantically separate rules for horse racing etc. and lotteries, I think the finely line is $600 but am not sure exactly.
Re:IRS rules re sports gambling winnings/losses? - 2006/07/29 15:16I received a w-two for winning $500.00 on a riverboat in Idniana, also for $1250.00 in Vegas. if you get a w-2 .. it is reported.
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