06-20-2015, 12:23 AM
(06-19-2015, 10:10 PM)michaelsean Wrote: Well what hobby charges income tax? Plus what would you consider winning? Any blackjack hand you won? I mean if I win 3 blackjack hands and lose 10, should I pay tax on the 3 I win?
Any could, provided you gain from it. Golf tournaments, fishing tournaments, archery competitions, paid musicians, artists who sell their work, sailors entering races, motorbike racers, race car drivers. If I have stacks of unsold paintings, does that mean I can claim them as a loss? If I lose a race, can I balance that with the purses from the wins?
No. It's just with the gambling industry.
As far as winning, I think it's mostly the honor system up until you win a certain amount. I dunno, I don't gamble at casinos much. I know if you win over a certain amount you have to claim it.
As far as the hands you win/lose, I would suppose it's more dollars and less quantity of hands.