How to claim my Bovada winnings if betting is illegal?
How do I claim my Bovada winnings on my taxes if I live in Wisconsin, where sports betting is illegal? Bovada is an offshore site, so while it’s legal to place bets, transferring money to my bank account is not. If I withdraw in small increments, am I at risk of getting caught? If I report my winnings on my taxes, could I face an audit or even arrest? I haven’t made over $600 yet, but I’m curious about the implications if I do next year. How do so many others manage to bet on Bovada in Wisconsin without claiming their winnings on their taxes?
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