06-20-2015, 05:49 PM
(06-20-2015, 01:39 PM)michaelsean Wrote: Yes because in the archery contest you walkrd out with more than you walked in. In your thinking I could actually lose money in the casino and have to pay tax. I could play 10 hands of blackjack at $1000 a hand, lose 9 of them and win 1 for a loss of $8000 and you would tax me on the one I won.
I could enter 10 tournaments costing $1000, win one for $1000 and I'm taxed on it. So I'm $9500 down.
If its a hobby, you should get taxed on any winnings. The nature of the hobby is no different.
![[Image: 4CV0TeR.png]](https://i.imgur.com/4CV0TeR.png)