Are Gambling Winnings Considered A Frivolous Lawsuit ?  

The United States tax codes require that the gamblers should record the winnings and losses. Professional gamblers have a full fledged business and they file their returns under the Section C of the tax laws. The winnings and losses are netted and they also deduct all the necessary expenses for the gambling like computer, internet, travel, and various others related training materials. They also fall under the self employment tax. This is somewhat equivalent to the social security or Medicare.

However, despite of all the rules and regulation s the IRS is constantly battling with gamblers and their income. They have reasons to believe that some gamblers make lot more than what they document for and also most people take indene advantage of the system. Also, some gamblers who gamble regularly do not even declare their status. There are several ways for a gambler to cheat the IRS.

For gambler to pay tax, he should be a full time gambler. However, none of them in this industry work that way and they take full advantage of it. Also the income from gambling can be very seasonal. Like, for example, a popular poker player may only play during the poker tournaments and not regularly. They earn only during the tournaments. Even if they win big amount of money at that time, they are not working full time.

Gambling laws are not straight forward, and the income for a gambler cannot be considered frivolous under any circumstances. Even a non professional gambler can actually file a tax return under Schedule C.

More Articles :

WelcomeToWelcomeRocketswag

 

 

    
Are Gambling Winnings Considered A Frivolous Lawsuit
 

Business Laws :

Costs-Of-Frivolous-Lawsuits      A lawsuit of any kind is usually very expensive to deal with. Whether the plaintiff is hoping for a huge settlement or not they ill have to spend a considerable amount of money in lawsuits. The costs involved are administration, paperwork, the bailiff, the jurors and the courthouse charges. Frivolous lawsuits are the ones that are filed without a valid reason to sue. That means leally there could be a reason enough to sue, but the same thing could have been worked out without the involvement of court. More..

 


 

 

 
   
Home  • Bankruptcy Law   • Business Law  • Constitution Law • CopyRight Law   • Criminal LawEmployment Law   • Family Law   • Immigration Law   • Legal Dispute      • Malpractice   • Personal Injury   • Real Estate Law   • Tax Law   • Traffic Law   • Trust Law Legal News

Are Gambling Winnings Considered A Frivolous Lawsuit ? )
Copyright © 2012  Rocketswag.com, All Rights Reserved.