Hey Everyone,
I've been wondering about how tax applies to professional gamblers. It seems that tax winnings are usually untaxed but once a certain level of sophistican and scale is reached you become a professional gambler and your winnings become taxed.
My question is as follows if I was a professional gambler and I put $5000 in and made $7000 ($2000 profit and the inital investment returned) is my taxable income the $2000 gain or the total $7000 despite the inital outlay?
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9,716 views5 replies
5 replies
9,716 views
5 replies