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Gambling and the Law
by jim on February 8, 2008
It's an inescapable fact that, like it or not, we all have to pay taxes, even on our gambling winnings, at least in the United States.
That's right, there are some countries that do not tax gambling winnings, but in the U.S., they do, and you had better not try to hold back on paying them.
In addition to Federal taxes some States also levy taxes on gambling winnings, sorry to say, so you have to be aware of those regulations as well.
Here's a useful article about gamblers tax obligations that will give you an overview of the law.
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Permalink: Tax Time For Gamblers
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