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#1
08-16-09, 09:07 AM
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S1597 - Internet Skill Game Regulation
Text of the bill:
Looks reasonable to me. I'm interested in hearing from RD (or any other legal professional) about the taxation section beginning on page 70. Particularly in the section on players' tax returns there's a requirement that the sites provide a net winnings line item.(p.77 ll 15-25) Does this look like it might allow a workaround or an exception to the standard reporting of wins as *other income* and losses as an itemized deduction?
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"Animals die, friends die, and I shall die. But the one thing that will never die is the reputation I leave behind." Old Norse adage |
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#2
08-16-09, 05:53 PM
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Didn't read through it as it doesn't really have much bearing on me.
 I thought I had read elsewhere that it specifies that you are taxed on your *net* win from each site on an annual basis. All the player would be required to do is claim their net winnings. But hey, IANAL.
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