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Started By
Message
Betting and taxes
Posted on 9/5/24 at 4:10 pm
Posted on 9/5/24 at 4:10 pm
Winnings from gambling must be reported as "Other Income" on Form 1040. State and local taxes may be due on winnings. You can offset your tax liability by deducting your LOSSES BUT ONLY IF YOU ITEMIZE. Most don't itemize and likely are not aware of this or don't care........tax professionals can pile on with the comments.....(or those that don't care). 
11
Posted on 9/5/24 at 4:20 pm to strike4ce
que ain't nobody got time for that gif
Posted on 9/5/24 at 4:26 pm to SUG
quote:
que
Posted on 9/5/24 at 4:27 pm to strike4ce
If you did it online or got a 1099g that's one thing
If you won in Vegas no 1099g would not claim
If you won in Vegas no 1099g would not claim
Posted on 9/5/24 at 4:30 pm to strike4ce
Your future ex-wife will love you documenting your degeneracy under penalty of perjury.
Posted on 9/5/24 at 4:33 pm to boosiebadazz
I thought you’re only tax on winnings if it’s over a certain amount like $600?
Posted on 9/5/24 at 4:44 pm to strike4ce
Betting apps don’t send you tax forms unless you win a very specific bet. I think it’s 600 dollars at 300-1 odds or longer.
Posted on 9/5/24 at 4:44 pm to thelawnwranglers
quote:
If you won in Vegas no 1099g would not claim
Depends on the amount.
Posted on 9/5/24 at 4:46 pm to thelawnwranglers
quote:
If you did it online or got a 1099g that's one thing
If you won in Vegas no 1099g would not claim
The 1099-G is for certain government payments like unemployment, not gambling winnings. These go on form W-2G, and are subject to certain winnings thresholds.
Posted on 9/5/24 at 4:47 pm to strike4ce
quote:
Winnings from gambling
You guys are winning? I'm doing it wrong
Posted on 9/5/24 at 5:01 pm to Mikes My Tiger
quote:
You guys are winning?
No, but I do document my losses.
quote:
You can offset your tax liability by deducting your LOSSES BUT ONLY IF YOU ITEMIZE.
This post was edited on 9/5/24 at 5:02 pm
Posted on 9/5/24 at 5:03 pm to strike4ce
Don't have to pay taxes if you don't win.
Posted on 9/5/24 at 5:05 pm to strike4ce
1-800-gambler
Posted on 9/5/24 at 5:07 pm to dallastiger55
I think you're right.
If I ever win that much at a casino I will cash out at three different tellers
If I ever win that much at a casino I will cash out at three different tellers
Posted on 9/5/24 at 5:19 pm to KamaCausey_LSU
quote:
Don't have to pay taxes if you don't win.
Boom
Posted on 9/5/24 at 5:20 pm to strike4ce
You really think any of these baws came back from Vegas with that problem?
Posted on 9/5/24 at 5:25 pm to Ghost of Colby
quote:
No, but I do document my losses.
Why?
Posted on 9/5/24 at 6:13 pm to strike4ce
I won 600 last week on drafkings and I'm not going to pay shite in taxes!
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