Have a Tax Question? Ask a Tax Expert
Bodog and other sites do not (currently) withhold tax or report winnings to the IRS.
However, the IRS requires you to report all gambling winnings on line 21 of Form 1040. You can also claim an itemized deduction for losses up to the extent of reported winnings on Schedule A.
I am assuming you are not a professional gambler. Please tell me if otherwise.
absolutely not. i had $10 in free bonus money and somehow i got luck and went to bed with $5000 in my account. i just want to do the right thing and not get into trouble
The legal action would be to report the winnings as decribed above.
so just wait until i file my taxes and give my tax professional the pay stub from the check i receive?
You could do that, but you make want to check with them earler to see if you should make an estimated tax payment.
check with who?
your tax professional
the would have to evaluate your other income and deductions