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Income from online gaming
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: I have been winning some money
in online gambling lately. I hear that this is not taxable because it
is earned from a foreign source and is not traceable anyway.
A: All income from all sources is
taxable unless specifically excluded by law. Clearly this is taxable
income. While you might get away with not reporting it for the reason
you mentioned, this does not change the characteristic of income or
remover the risk that it will be taxed following some audit in the
future.
Summary
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