Here is the long informative thread on United States gambling taxes:Ĭheck that out.
What if I'm audited and I have documentation for **** all? When do I need to pay taxes on these winnings?Ĭan I write off any expenses? (I've put about 5,000 miles on my car going to casinos) I just updated a Sticky Note on my desktop with a running total (net winnings). I didn't anticipate snowballing this money as much as I have.
Here is the tough part: I didn't keep any records. Obviously, I would rather not pay taxes on the winnings, but I even more would rather not go to jail, so taxes are a thing I need to pay.Ĭlearly, I would like to minimize my tax footprint (I live in Minnesota, if that makes a difference). Over the last 4 months, I've made about $350,000 playing blackjack (And hopefully I'll make more).