Question

You are a gambler and go online to a gambling site. You win $50,000.00.   You are...

You are a gambler and go online to a gambling site. You win $50,000.00.   You are in the state of Maine when you won. The gambling site is out of California.

Are you responsible for paying taxes on your winnings? Why or why not?

Homework Answers

Answer #1

If i am a gambler and for gambling, i went to a site for gambling and won $50,000.00 sitting in Maine, California. First it does not matter that where the site belong to, because we know that taxes does not charged on gambling, betting on racing, lotteries, etc. so here we do not have to pay taxes, or does not have any responsibility for paying taxes. second, if we consider the case of gambling then still we do not have to pay any taxes just because the gambling site is outside their Location.  

PLEASE LIKE THE ANSWER IF YOU FIND IT HELPFUL OR YOU CAN COMMENT IF YOU NEED CLARITY / EXPLANATION ON ANY POINT.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Bernie the Gambler reviews the number of bets he has won in his lifetime of gambling....
Bernie the Gambler reviews the number of bets he has won in his lifetime of gambling. Since he has made so many bets, he selects a random sample of 100 games and records the number of wins he has made. He sees that he has made 54 wins out of the 100 in his sample. (a) Calculate the point estimate for Bernie's sample. (b) Compute the margin of error for Bernie's winning bets given a confidence level of 99%. (Use...
Go online to a shopping site you use regularly and note the prices for different types...
Go online to a shopping site you use regularly and note the prices for different types of products. Does this firm use psychological pricing? Product line pricing? Note any pricing strategies you can identify. Do any of these strategies make you prefer the site over a competitor’s site?
You are bidding on four items available on an online shopping site. You think that for...
You are bidding on four items available on an online shopping site. You think that for each bid you have a 35​% chance of winning​ it, and the outcomes of the four bids are independent events. Let X denote the number of winning bids out of the four items you bid on. Find the probabilities. a. Find the probability that you win exactly 2 bids. b. Find the probability that you win 2 bids or fewer. c. Find the probability...
Present value of an annuity On January 1, you win $50,000,000 in the state lottery. The...
Present value of an annuity On January 1, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 5.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open...
You just won $1 million dollars in the lottery! They offer you two options for your...
You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%.   What is the amount you will receive today with the lump sum option? Which option would you select? How would you present your argument for your decision in a debate? Sorry, you...
Go online to find the main products that the U.S. imports and exports. You must restrict...
Go online to find the main products that the U.S. imports and exports. You must restrict your search to primary sources e.g. government sites or academic sites (.gov or .edu) and provide your own analysis. Steer clear of sites like balance.com/about.com, investopedia.com, amosweb.com, economicshelp.org, etc. Those sites are terrible. Write a paragraph to summarize your findings and explain why the U.S. wants to import and export these products. Be sure to apply the concepts of opportunity costs, comparative advantage and...
Today you will be using an online visualization tool that illustrates the vulnerability to extinction of...
Today you will be using an online visualization tool that illustrates the vulnerability to extinction of different groups of (mostly) terrestrial organisms. Spend some time looking through the website at projects.propublica.org/extinctions. What group of organisms (mammals, reptiles, amphibians, or birds) has… …the largest percentage of at-risk species? What’s the percentage? …the smallest percentage? What’s the percentage? Select any one family from the mammal, reptile, amphibian, or bird groups that has at least 40% of its species at risk for extinction...
Wal-Mart Online Wal-Mart is one of the largest companies in America. It is definitely the largest...
Wal-Mart Online Wal-Mart is one of the largest companies in America. It is definitely the largest retailer, both in terms of the number of stores (8,970 worldwide in 2011) and the level of sales ($419 billion from the 2011 Annual Report). By pushing suppliers to continually reduce costs, Wal-Mart is known for pursuing low prices and the stores often attract customers solely in-terested in lower prices. With Wal-Mart’s expansion into groceries, the company has be-come the largest retail grocer in...
You are the project manager for a new multimillion-dollar building renovation for your organization. The company...
You are the project manager for a new multimillion-dollar building renovation for your organization. The company needs to maximize the space that it has, and the best approach is to do a staggered build-out in order to better maximize the space in the existing building. You feel that the best approach was to negotiate with multiple contractors on a fixed-price contract. Different contractors discussed other contracts with you, particularly ones to address the current market fluctuations in the raw materials...
1. Sarah's studio apartment was unfurnished. While on "Doug's List", an online classified ad service (for...
1. Sarah's studio apartment was unfurnished. While on "Doug's List", an online classified ad service (for nonmerchants), she saw an ad, which read: "Moving - For sale: a very nice brown leather couch. Almost new. $600." There was a photo with the ad and contact information. Sarah emailed the contact stating: "I would like to buy your couch- please reply." Does Sarah have a contract - yes or no and tell me WHY. 2. Johnson purchased construction equipment from Wilson...