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Please, No Mention of Prize Amounts On This Site

Posted By: Chuck Bower
Date: Tuesday, 2 November 2010, at 1:51 p.m.

In Response To: Please, No Mention of Prize Amounts On This Site (David Startin)

Do Americans have to pay tax on backgammon winnings?

This one is easy to answer: "yes."

If they do, can they offset all the expenditure from the times that they didn't win?

I believe it depends strongly upon whether BG is considered gambling. For example, if you win the lottery you can deduct the cost of all lottery tickets you bought during the year from the total prizes won and only pay taxes on the difference. But I don't think you can deduct other expenses, even the cost of driving to the site where you buy those tickets. (Could be wrong here -- I'm no tax expert.)

There may also be issues of whether or not backgammon is your profession, but then the obvious question: "how do you define 'profession'?"

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