Do I have to Report Winnings for Tax Purposes?

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Do I have to Report Winnings for Tax Purposes?

Postby henderson » Sat Jul 24, 2010 3:00 pm

Hello everyone, I play on Full Tilt and I've started winning a
decent amount of money and I was just wondering if I have to report
winnings eventually if I start winning a lot???
Last edited by henderson on Sat Aug 21, 2010 2:03 pm, edited 1 time in total.
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Re: Do I have to Report Winnings for Tax Purposes?

Postby melaos » Sat Jul 24, 2010 10:37 pm

lol that would be a nice problem to have :)
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Re: Do I have to Report Winnings for Tax Purposes?

Postby samXR » Sat Jul 24, 2010 11:37 pm

lol...
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Re: Do I have to Report Winnings for Tax Purposes?

Postby averysexyguy » Sun Jul 25, 2010 12:17 am

yes you need to report and being taxed!!!
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Re: Do I have to Report Winnings for Tax Purposes?

Postby Syrecx » Thu Aug 05, 2010 8:41 pm

melaos wrote:lol that would be a nice problem to have :)


Unfortunately, I dont have that problem yet! HAHAHAHAHA :lol:
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Re: Do I have to Report Winnings for Tax Purposes?

Postby support » Thu Aug 19, 2010 10:34 am

Money won in gambling is not considered "income" and non-taxable.

LINK http://www.iras.gov.sg/irasHome/page04.aspx?id=164
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Re: Do I have to Report Winnings for Tax Purposes?

Postby Afternoon » Thu Aug 19, 2010 12:58 pm

support wrote:Money won in gambling is not considered "income" and non-taxable.
LINK http://www.iras.gov.sg/irasHome/page04.aspx?id=164


Money won from "legal" gambling is not taxable.

Online gaming is illegal and in order to make the money legal, you have to report as income from your trade, find a trade to declare that if is a big amount, I am referring to hundred grands every year. If only few thousands per month, then no problem.

If not when uncle Sam ask you where these money came from, you not able to answer.
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Re: Do I have to Report Winnings for Tax Purposes?

Postby raisefold » Wed Jun 01, 2011 2:50 pm

on the tax IR form u have to declare your trade since this would fall under trade income. if you declare winnings from online gaming then you have no choice but to put your earnings as from "legal gaming or lottery"...haha its gonna cause quite a predicment if they call u in for some kopi
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