As i live in the UK, i can only state what ive read online on card player or wherever.
I know that the casinos reposit wins that are large, it didnt say what "large" was, but ireckon over $5,000. The IRS would have hell to find out how much every player has won and lost in their life to make them cough up. I dont get why the IRS dont make casinos and poker rooms pay the taxes to start with for us, and "slightly" increase the rake or something. But that idea may suck.
Heres my question - (suppose) I am a losing players for a year, and lose $10,000 (Brian for example
), i then turn it around the next montha nd win a $5,000 tourney first prize. Do i need to pay tax on this win, as the IRS would know about it, or is it deductable from my $10,000 of losses?
Ive always wondered that, just waiting for a logical answer please. I know it doesnt affect me but im a curious guy
