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Huh TIL that the usa taxes gambling winnings, and that you can offset with losses up to the amount of winnings (https://www.irs.gov/taxtopics/tc419 https://www.
by mnahkies 2y ago
Huh TIL that the usa taxes gambling winnings, and that you can offset with losses up to the amount of winnings (https://www.irs.gov/taxtopics/tc419 https://www.irs.gov/taxtopics/tc419)
Guess it's good my luck was terrible in Vegas or I might've inadvertently committed tax fraud. Though now I'm curious if I had won a few hundred dollars would there have been tax due?
I'm pretty sure it's tax free in most countries.
- robotresearcher 2y agoIn the UK you can choose to pay tax on your stake when you place it, so that your winnings are tax free, or not, in which case your winnings are taxed.
- mnahkies 2y agoAre you sure? I never make bets over £20 or so, but my understanding is if I hit it big there's no tax to worry about - this source seems to agree, unless you're a professional gambler which somewhat makes sense https://intelligentodds.com/gambling/do-you-pay-tax-on-gambling-winnings-in-the-uk/ https://intelligentodds.com/gambling/do-you-pay-tax-on-gambl...
- robotresearcher 2y agoAccording to that link, it changed in 2001. I left the uk before that. Now I feel very old. Thanks for the correction.