Online Gambling – TaxMama.com

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Today TaxMama hears from Chet inward the TaxQuips Forum, who is concerned. “I gambled online quite extensively lastly year. still take hold a big net loss for the year. I take hold only “cashed out” of my online gambling account twice all year. I haven’t done the math yet, but I know I take hold a net loss. I know that I am supposed to report winnings and losses, but I am concerned that if I report it as online gambling, I could acquire inward trouble, as online gambling is technically illegal inward the U.S. What should I do?”

Read the answer:
http://www.TaxMama.com/tax-quips/online-gambling/

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