Gambling taxes

[dj11]

OLP should be taxed!. Heresy, I know. But it should only be taxed as a service, a deposit time, and should be equal to, but not greater than, the local taxes at the point of purchase.

So, for instance, I live in Long Beach, Ca., where there is a State tax, County tax, and, Municipality taxes all adding up to about $0.0975 on the dollar.

IMHO, ONLY that would provide a useable number of tax dollars for the government. In exchange for those taxes I want consumer protections against any failed OLP that has operated legally in my state.

 

[rugby0]

gambling income is treated as ordinary income in the US. You can deduct expenses if you define yourself as a pro. Keep all recipts as you will get audited.

 

[starting_at_the_bottom]

No tax here

The UK government is far too busy opening our borders to every criminal and homeless person in Europe.

 

[SuzanneEckert]

In US your other income is also getting calculated, your taxes will be based on your total earnings.

 

[GabrielRiley]

According to the basic definition of gambling, there is having a specific law for gambling. According to the traditional formula payment of price for a chance to win the prize, "In the United States there were two completely different definitions of what constitutes “consideration” for gambling purposes." There must be a specific law of gambling or percentage of taxes put on the winning amount.