Is gambling self-employment?

If you regularly pursue gambling with the intention of making a profit, then it's effectively your day-to-day job. Rather than claiming your winnings as “other income” on your Form 1040, you can file Schedule C as a self-employed individual.

turbotax.intuit.com - How to Pay Taxes on Gambling Winnings and Losses - TurboTax

What to do when you have gambled all your money?

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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OVERVIEW

For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. When you win, your winnings are taxable income, subject to its own tax rules.

You must report your winnings

The first rule is that you must report all winnings, whether the place that you gambled reports them to the government or not. For example, if you hit the trifecta on Derby Day, you must report the winnings as income. The second rule is that you can’t subtract the cost of gambling from your winnings. For example, if you win $620 from a horse race but it cost you $20 to bet, your taxable winnings are $620, not $600 after subtracting your $20 wager. Cash is not the only kind of winnings you need to report. If you win a brand new laptop in a raffle, this counts as income, too. You must claim the item’s fair market value at the time you won it, which would generally be the amount you would have to pay for the item if you bought it. Form W-2G Both cash and the value of prizes are considered “other income” on your Form 1040. If you score big, you might even receive a Form W-2G reporting your winnings. The tax code requires institutions that offer gambling to issue Forms W-2G if you win: $600 or more on a horse race (if the win pays at least 300 times the wager amount);

$1,200 or more at bingo or on a slot machine;

$1,500 or more at keno;

$5,000 or more in a poker tournament. Table games in a casino, such as blackjack, roulette, baccarat, or craps are exempt from the W-2G rule. This doesn’t mean you don’t have to claim the income and pay taxes on it if your winnings aren’t enough to warrant the tax form. It just means that the institution won’t send a Form W-2G. You can deduct your losses…to an extent You can’t deduct the cost of your wager from your winnings when determining how much you won, but you can deduct your gambling losses subject to certain rules. You must itemize your deductions to claim your gambling losses as a tax deduction. This means you can’t take the standard deduction for your filing status, which often amounts to more than a taxpayer’s itemized deductions. You’re allowed to deduct losses only up to the amount of the gambling income you claimed. So if you won $2000 but lost $5,000, your itemized deduction is limited to $2,000. You can’t use the remaining $3,000 to reduce your other taxable income. You have to claim $2,000 in income on your Form 1040 and then separately claim $2,000 as an itemized deduction.

Has anyone won 10 leagues in a row?

10 – Dinamo Tbilisi (1990–1999) 10 – Pyunik (2001–2010)

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Does FBI track your location?

Turn on your cell phone, and federal agencies can legally track your comings and goings and exact location --- all without having to get a court warrant.

networkcomputing.com - Warning: The Feds Use Your Cell Phone To Track You

Turn on your cell phone, and federal agencies can legally track your comings and goings and exact location --- all without having to get a court warrant. That's the latest frightening news from our Big Brothers in Washington. This latest piece of disheartening privacy news comes from the Electronic Frontier Foundation, which notes that a federal judge in New York ruled yesterday that the feds can legally use cell site data to track any cell phone's physical location, without having to obtain a search warrant. The feds did quite a bit of judge-shopping to get this ruling. They were previously shot down by three other courts, which called the request "unsupported," "misleading," and "contrived." But they finally found their man, Magistrate Judge Gorenstein of the federal court for the Southern District of New York, who was only too happy to comply with the request for privacy invasion, free of court oversight. Should we be surprised? President Bush orders the super-secret National Security Agency to wiretap citizens without court orders. The FBI has been spying on groups such as animal rights groups and religious organizations. The New York City police spy on political protesters, who are only exercising their right to free speech. And now all you need to do is turn on your cell phone, and the feds are on your case.

What are the three holy weapons?

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The BDO stands for the British Darts Organisation and the PDC is the Professional Darts Council and they are both professional darts organisations.

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What happens if you don't declare gambling winnings?

Simply put, there is no immediate legal outcome if you fail to report your gambling winnings. Your tax office probably won't bother if you have won...

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