How do taxes work for those who make income by gambling? More ...

Question by Sher : How do taxes work for those who make income by gambling? More below?
My friend wants to know the answer to this question. I tried to answer his question as to accounting student and failed. Can anybody else help? Any other details you can Provide about this would be greatly appreciated by him.?I want to borrow money, sources including friends and relatives, to gamble at offshore sportsbooks. Interest would be paid on their investment at the end of a designated term. First, this is not? aiding and abetting ?others to illegally gamble, correct? Assuming not, what would I do for taxes? I know very little in this area. Thanks in advance. ? Best answer:

Answer by just me
You would pay taxes on any money you made gambling. You could write off your losses to the extent of your winnings. However, you better have great records of those losses.

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Source: http://www.lovefinanceinfo.com/2012/02/how-do-taxes-work-for-those-who-make-income-by-gambling-more-below/?utm_source=rss&utm_medium=rss&utm_campaign=how-do-taxes-work-for-those-who-make-income-by-gambling-more-below

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