Is online betting legal in the usa, and should we pay taxes on th income from betting?

Well it's a matter of dispute whether it's legal or not and this is actually decided on a state by state level. These guys are right in terms of folks not really getting prosecuted so in essense it doesn't really matter. In terms of taxes it's definitely required as is all income legal or illegal. The IRS doesn't care how you made it, they just want their cut. Now people are generally reluctant to declare outright illegal activities as income but it does happen and they just take their cut and be on their way. Here we're talking at worst grey area here and I know several online poker players who live in the U.S. who have been paying taxes all along and no one cares other than they pay the taxes.





King Cobra Poker


http://kingcobrapoker.com
Is online betting legal in the usa, and should we pay taxes on th income from betting?
There has never been a prosecution or arrest of any American for online gambling! It's not illegal to bet online with an off-shore sportsbook! There is NO federal law that makes the act of wagering online illegal. The only federal law that addresses gambling is the wire act from the 1960's which makes it illegal to place wagers via the telephone. The US government passed a port security law and tacked on provisions (UIGEA) that make it illegal for BANKS, not players, to fund or accept payment from gaming sources. The only problem (for the govt) is that there are dozens of third party methods available for funding and no way to trace ACH credits. In other words, the new provisions are only for show and the end result is a waste of ink. I still use my VISA check card and e-check on my favorite sites. Online gaming will be impossible to completely eliminate from the US. The best they can do is make it inconvenient. Eventually I see the industry being regulated and taxed...heavily!





The only states with laws directed towards online wagering are Michigan, Illinois, Louisiana, Oregon, Wisconsin, Washington, Indiana, Nevada, New York, New Jersey and South Dakota. Although these states do have specific laws pertaining to online gaming, there has not been any charges laid.





Some sites have decided, on their own, to no longer accept American players. These are the publicly traded companies and most have returned to private owners. There are still many highly reputable sites that welcome and cater to American clients.





As far as taxes go, yes you have to pay taxes on your year end winnings. If you have losses to offset your winnings, you may do that and greatly reduce your tax liability.





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Reply:"Should we pay..."


Are you asking if we have do pay... or if it's right that you have to pay?





You are supposed to report gambling winnings as income.





Should you have to? Different debate. You are risking money that has already been taxed... especially in terms of a poker tournament, then all of the money has already been taxed... maybe you shouldn't have to. But that's the law at the moment.






Reply:Yes, its legal, only its harder to deposit nowadays, but you can find USA welcome sites at http://www.bettingwise.com/usagamblingsi...


You can deposit with Visa gift card for example.


I think if you win less than 2000$ there is no need to report, but if you win on basis every month then ask in the appropriate place ;)
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