I need some advise on paying taxes for gambling winnings for the state of wisconsin. This is the problem i am running into. Hoping someone has already found a solution to this problem for those of us living in wisconsin.
Basically when filing for federal taxes you clam all winnings as taxable income and can deduct all loses under gambling losses. (which means that if you play as much as i do u will lose your 5k standard deduction) not worried about that.
But now when you take those numbers over to the state side, i will still have close to 6 or 7 figures in winnings but i can not deduct the loses becasue gambling loses are not deductable in the state. Which will basically fore me to pay taxes on on 20 or 30 times the amout of money that i actually made.
Obviously just claiming the net amout and hoping for no audit is a option but i am looking for a serius answer here from someone who has delt with this in the past.
I would highly recommend speaking with an accountant or tax attorney regarding this. With the kind of money you're referring to you do NOT want to trust what you might read on the internet.
Move to Canada.
ya i am in the process of doing that as well, just figured that there was someone out there that has delt with the situation before so i dont go in blind. I am pretty sure i am just fucked the more i read about it.
gg online gambling for me