True that you may file your winnings with the IRS. But, be smart about this. Don't offer them information to open you up like a can of beans. They will. If you received a receipt for winnings in a casino, with your SSNO or TaxID on it, that means they reported it to the IRS. You might fill out your tax return stating Losses = Winnings. I have for the past 3 years. No issues. As far as $10K moving in or out of a personal account, all banking institutions must do so. Use the money changer accounts if you happen to nail $30K or so. Then, ask for the money by Fed Ex in small amounts. Keep track of what you spend to get into tournaments. That money is deductible also. If you are silly enough to consider yourself a professional gambler, and you are still asking this question, then you are really setting yourself up with a 'pride' title and a visit from the IRS. Don't classify yourself as a professional gambler and don't declare small amounts. |