Anyone here routinely bet on sports? Other than Aggies obviously.
Bush School/EMPSA '21
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Last: 3 yr ago by Holly Golightly
gambling is illegal and immoral
i have 3 books
i have 3 books
Ha! With crypto, is it still "illegal" or just frowned upon?Cramp00 said:
gambling is illegal and immoral
i have 3 books
Bush School/EMPSA '21
Is sex with a donkey legal if you pay it in crypto?
stevebuscemi.howdoyoudo/fellow.kids
ifortworth said:Ha! With crypto, is it still "illegal" or just frowned upon?Cramp00 said:
gambling is illegal and immoral
i have 3 books
I'm pretty sure it's in a grey area. I cash in and out with crypto so I feel like the risk is pretty low, especially cause my bankroll is sub $1k cause it's just for fun.
Yep. Legal in my state since December. I should probably cash out but I just keep going.
In legal states do you have access to multiple books or how does that work?
Mine is through the State (Oregon).
Fairly new here so just one book - draftkings
Works great though betting on my phone
Works great though betting on my phone
Not what I was told.Cramp00 said:
Is sex with a donkey legal if you pay it in crypto?
If you are in Texas I would highly advise you not to do it. Good friend of mine is in serious trouble with the IRS and is facing possible jail time
Is he in trouble for gambling or for not paying taxes on his winnings?G. hirsutum Ag said:
If you are in Texas I would highly advise you not to do it. Good friend of mine is in serious trouble with the IRS and is facing possible jail time
I
Yeah, because the supreme court ruled recently that the federal ban on sports betting was unconstitutional. It's up to the states to legalize it or not.
Bush School/EMPSA '21
I'll never be in trouble with the IRS because I never win my bets.
Truff. But the next one will always win. Until it doesn't.
Bush School/EMPSA '21
online betting is illegal?
Ultimately it's from not paying the taxes off of his gambling income. But he couldn't claim it because its illegal income. He reached a point that he had too much cash to spend and started depositing it slowly. Ended up doing some structured deposits and was fine until his exwife brought up "other income" in divorce court. Yes he was dumb but it's easy to lose sight of things
Not all gambling income is illegal. However recent changes in tax law eliminated the write-off of gambling losses that would offset gambling gains.G. hirsutum Ag said:
Ultimately it's from not paying the taxes off of his gambling income. But he couldn't claim it because its illegal income. He reached a point that he had too much cash to spend and started depositing it slowly. Ended up doing some structured deposits and was fine until his exwife brought up "other income" in divorce court. Yes he was dumb but it's easy to lose sight of things
Didn't know that. Always knew I could write off my Lone Star Park losses but never wanted to actually know the number. That would ruin the fun
I haven't been to LSP yet but need to find a place to bet the Breeders Cup weekend in November. Retama is closer but they haven't posted a calendar for November. Usually head to Las Vegas for Breeders Cup but will pass on that this year.
G. hirsutum Ag said:
Ultimately it's from not paying the taxes off of his gambling income. But he couldn't claim it because its illegal income. He reached a point that he had too much cash to spend and started depositing it slowly. Ended up doing some structured deposits and was fine until his exwife brought up "other income" in divorce court. Yes he was dumb but it's easy to lose sight of things
rookie mistake, you claim the gambling income even if it is illegal. nobody has ever been prosecuted for betting offshore, they only go after the books. plus the IRS is far more likely to take action and probably more powerful than whoever would theoretically go after someone for placing bets.
Why is online gambling illegal lol
If I cannot claim my gambling losses, why should I have to claim my winnings?
you can claim losses, but only up to the amount of winnings. and only if you itemize and keep detailed records. so basically you can claim 0, but not negative.
Saint Pablo said:
Why is online gambling illegal lol
bc texas jesus god republican
but mostly political contributions from new mexico, oklahoma, louisiana to keep gambling illegal in texas
You beat me to my edit
Hundreds of thousands bet On sports in Texas. That IRS story is an extreme outlier. Friend prob has more to the story
i think the more to the story is a vindictive ex wife
pbrancazio said:Not all gambling income is illegal. However recent changes in tax law eliminated the write-off of gambling losses that would offset gambling gains.G. hirsutum Ag said:
Ultimately it's from not paying the taxes off of his gambling income. But he couldn't claim it because its illegal income. He reached a point that he had too much cash to spend and started depositing it slowly. Ended up doing some structured deposits and was fine until his exwife brought up "other income" in divorce court. Yes he was dumb but it's easy to lose sight of things
This is not accurate. Gambling losses are not 2% misc deductions. You can claim them if you itemize your deductions but only up to the amount of gambling winnings.