last year i pulled in 7 grand on sports betting (had a lucky streak during bowl season). now i'm trying to figure out how to include or exclude it from my taxes. any advice would be appreciated. thanks!
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To remove first post, remove entire topic.
last year i pulled in 7 grand on sports betting (had a lucky streak during bowl season). now i'm trying to figure out how to include or exclude it from my taxes. any advice would be appreciated. thanks!
how does taxing and gambling actually work here in the U.S. tho?
i've won money and i've never filled out w8 forms or whatever they are called.
is it really not taxable?
serious question asking for serious answers
In the US, Gambling winnings are always taxable.
However, unless you receive a form W-2G you are on the honor system to report winnings.
A W-2G must be provided by a US operated gambling establishment if any of the following apply:
1. $1,200 or more in gambling winnings from bingo or slot machines; 2. $1,500 or more in proceeds (the amount of winnings minus the amount of the wager) from keno; 3. More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament; 4. $600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager; or 5. Any other gambling winnings subject to federal income tax withholding.
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Quote Originally Posted by pinoy1da:
how does taxing and gambling actually work here in the U.S. tho?
i've won money and i've never filled out w8 forms or whatever they are called.
is it really not taxable?
serious question asking for serious answers
In the US, Gambling winnings are always taxable.
However, unless you receive a form W-2G you are on the honor system to report winnings.
A W-2G must be provided by a US operated gambling establishment if any of the following apply:
1. $1,200 or more in gambling winnings from bingo or slot machines; 2. $1,500 or more in proceeds (the amount of winnings minus the amount of the wager) from keno; 3. More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament; 4. $600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager; or 5. Any other gambling winnings subject to federal income tax withholding.
how does taxing and gambling actually work here in the U.S. tho?
i've won money and i've never filled out w8 forms or whatever they are called.
is it really not taxable?
serious question asking for serious answers
The theory is the govt feels entitled to tax a win because they deserve it and you should have to pay now. They know that the average gambler does not keep track of how much they lost and damn sure can not prove it with money lost during that taxable year with losing lotto tickets etc.
Proving what you actually lose is the way to counter tax winnings. I have had a handful of govt forms I was forced to sign
Here is some overall advice on an idea, not saying I do this because it is strictly hypothetical
Anytime you go to the horsetrack, racebook, or wherever you find littered losing tickets, you will see TONS of losing tickets. If you ever take the time to look at them, you will see that there are plenty of large bets put in that lose and some small.
So anytime you walk through and or are hanging out, bend down and help the cleaning crew out by picking up all that trash. When you get home, do not add all the slips to your garbage at home.
Put your collection throughout the year in a folder and if you do happen to be forced to sign a form to prove that you had taxable winnings. (99% of gamblers get SCREWED every year who overall are losers but fall victim to having to pay taxes on money that is long gone)
So do not fall victim to pay taxes on a dumb ass $8K that you got lucky on and think you will deal with it next year because that time always comes and you are never prepared.
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Quote Originally Posted by pinoy1da:
how does taxing and gambling actually work here in the U.S. tho?
i've won money and i've never filled out w8 forms or whatever they are called.
is it really not taxable?
serious question asking for serious answers
The theory is the govt feels entitled to tax a win because they deserve it and you should have to pay now. They know that the average gambler does not keep track of how much they lost and damn sure can not prove it with money lost during that taxable year with losing lotto tickets etc.
Proving what you actually lose is the way to counter tax winnings. I have had a handful of govt forms I was forced to sign
Here is some overall advice on an idea, not saying I do this because it is strictly hypothetical
Anytime you go to the horsetrack, racebook, or wherever you find littered losing tickets, you will see TONS of losing tickets. If you ever take the time to look at them, you will see that there are plenty of large bets put in that lose and some small.
So anytime you walk through and or are hanging out, bend down and help the cleaning crew out by picking up all that trash. When you get home, do not add all the slips to your garbage at home.
Put your collection throughout the year in a folder and if you do happen to be forced to sign a form to prove that you had taxable winnings. (99% of gamblers get SCREWED every year who overall are losers but fall victim to having to pay taxes on money that is long gone)
So do not fall victim to pay taxes on a dumb ass $8K that you got lucky on and think you will deal with it next year because that time always comes and you are never prepared.
You would not want to collect all of your tickets to help the sanitation crew all in one day or short period of time. Better to help the crew a little here and a little there on various dates.
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Also since we are speaking hypothetical.
You would not want to collect all of your tickets to help the sanitation crew all in one day or short period of time. Better to help the crew a little here and a little there on various dates.
Sports betting no taxes unless you go over a certain amount. Last year I hit 7/7 on Keno for $5250 and reported it on taxes. Still got a refund, 26% NV tax on Jackpots. Depends on what you write off.
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Sports betting no taxes unless you go over a certain amount. Last year I hit 7/7 on Keno for $5250 and reported it on taxes. Still got a refund, 26% NV tax on Jackpots. Depends on what you write off.
You've got to have documentation of losses to offset the winnings. If you've never had to sign any forms for your winnings-the Govt doesn't know about it.
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You've got to have documentation of losses to offset the winnings. If you've never had to sign any forms for your winnings-the Govt doesn't know about it.
Wait a minute. He made 7 grand and has 4 black stars. Hhhmmmmm.
RSI is pretty meaningless since it's the covers contest picks, which I'm obviously terrible at. When I place real money wagers, I'm a little more careful. Honestly, it was a hot streak during bowl season. Had a streak of about 14 games where I was exponentially upping my bankroll with confident plays. Mostly homer bets on LSU (pre championship) and Saints (pre-playoffs).
Thanks for the good info on this guys!
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Quote Originally Posted by Fishscale:
Wait a minute. He made 7 grand and has 4 black stars. Hhhmmmmm.
RSI is pretty meaningless since it's the covers contest picks, which I'm obviously terrible at. When I place real money wagers, I'm a little more careful. Honestly, it was a hot streak during bowl season. Had a streak of about 14 games where I was exponentially upping my bankroll with confident plays. Mostly homer bets on LSU (pre championship) and Saints (pre-playoffs).
You've got to have documentation of losses to offset the winnings. If you've never had to sign any forms for your winnings-the Govt doesn't know about it.
see post 12
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Quote Originally Posted by gold6185:
You've got to have documentation of losses to offset the winnings. If you've never had to sign any forms for your winnings-the Govt doesn't know about it.
you can pick up horse tickets and stuff like that, but I believe you also have to have the horse programs or daily handicapper to back up those tickets, otherwise one could just pick up random tickets as described...
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you can pick up horse tickets and stuff like that, but I believe you also have to have the horse programs or daily handicapper to back up those tickets, otherwise one could just pick up random tickets as described...
What does a horse program or daily handicapper have to do with anything
Irs or tax preparer- Sir, I am gonna have to see your racing form for that day to see how you came about selecting those horses. I know you have a ticket proving your wager but I need to know your thinking and selection process also. Sure you have a purchased ticket showing X amount of losses, but I need to know details of why you made those bets each day! If you can't tell me exact selection processes your paid ticket losses can't be verified
gambler- I do not waste money on buying racing forms etc.......
I just bet what I like and do not get into it like that. As you can see I bet a lot.
very simple.
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What does a horse program or daily handicapper have to do with anything
Irs or tax preparer- Sir, I am gonna have to see your racing form for that day to see how you came about selecting those horses. I know you have a ticket proving your wager but I need to know your thinking and selection process also. Sure you have a purchased ticket showing X amount of losses, but I need to know details of why you made those bets each day! If you can't tell me exact selection processes your paid ticket losses can't be verified
gambler- I do not waste money on buying racing forms etc.......
I just bet what I like and do not get into it like that. As you can see I bet a lot.
No footprints on the losing tix!! Pro gamblers who describe that as thier occupation are the ones that need daily logs,maybe programs ,equibase paid PP's etc.to back that up if audited I believe.
I know of a bar in Mass that wraps up losing scratch-offs in demoninations to supply the lucky winner the proof he needs to offset any taxable winnings..
And they also have state-run Keno in the bars there..besides the daily numbers.
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No footprints on the losing tix!! Pro gamblers who describe that as thier occupation are the ones that need daily logs,maybe programs ,equibase paid PP's etc.to back that up if audited I believe.
I know of a bar in Mass that wraps up losing scratch-offs in demoninations to supply the lucky winner the proof he needs to offset any taxable winnings..
And they also have state-run Keno in the bars there..besides the daily numbers.
Just saying there are people who can sell other poeple large losing legit tickets for about 10cents on the $1. $1000 losing ticket costs $10. No coffee stains/shoe prints. I'm friends with everybody.
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Just saying there are people who can sell other poeple large losing legit tickets for about 10cents on the $1. $1000 losing ticket costs $10. No coffee stains/shoe prints. I'm friends with everybody.
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