do you pay taxes on your gambling winnings?

I've had a few cash outs this year and didn't even think about it until recently. None were for more then 6,000. I heard that anything over 10,000 attracts attention. The amount of money I've lost gambling over the years makes it hard for me to consider giving half of my rare winnings back in taxes. Could I get fucked?

Good topic - any insight anyone?

It will attract attention if you deposit 10k or more at one time, or try and circumvent the system and make 2 or 3 smaller deposits over a few days. I would not worry about it unless you make a lot of money (legally) or are in a profession where you might get audited.

My brother-in -law won a couple grand last year in total but then got audited bc of his unorthodox business practices and had to pay taxes+ penalties and fees. Not a big hit but still had to pay up.

Winnings, I've heard of those before.................

 

If your book is offshore, you pay no taxes. Inside U.S., guess what?

My grandfather use to file in losses back in the day.

 Winnings, uh Winnings

i never bet more than the collection limit that they report.  also rarely any parlays which they also will nab if too high.  its 10K here in nev.

how does this winning thing work and what steps should i take to do this? 

No, but if I could write off losses, I would. Sadly, that would have saved me a lot of taxes over the last 20 years!

What I wanna know if if you win in a poker tournament, does it get taxed? 

 

YES . . . even if you slow roll.

Yes. Dont know the % but its just like winning the lottery or hitting a slot machine.

No, don't ever do that, you'll have more money to spend on sleazy, overpriced hookers

All joking aside, next time just be upfront with her and pick either black eye or blue balls

quite the comedian.......don't quit your day job

C'mon Messier, don't you know everyone on here is a degenerate unemployed pothead alcoholic gambler

I am not an alcoholic

How dare you call me a pothead!

You CAN DEDUCT LOSSES, but ONLY against winning.

Story my accountant told me-friend of his and wife hit the track. They win some Super-x-duper-fecta, I mean some combo that would make your head spin! Something like $75,000. Which, I don't know about all you winners, would spruce up my wallet quite a bit. They call him up "What should we do?" He goes

"Get every losing ticket you can find!" There was plenty of them, and for the last 1/2 of the day, all they did was pickup tickers off the ground. They felt pretty good, collected almost 10k in losing tickets. My accountant says "Go back tomorrow and get some more!" Next morning, after two races, track officials come down, ask what they're doing. "We're just trying to keep the place nice, not like we're picking up winning tickets, here, you know?" Track guys now what's going on, and tell them they can stay and play, if they see them picking up losers, they'll kick them out. They put their heads together, and come up with a pretty good idea. They'll only get caught if somebody sees them. Where can you not be seen? UNDER THE STANDS. So, under they go. They fill up two large garbage bags worth, thrown them back in the of the pickup, and get the hell outta there. They collected 24k in losing strips (do tracks make money? Yes, they do), giving them a total of 34k vs. the 75 k they won. So, they only had to pay taxes on the 41,000 they won. Because they could deduct LOSSES VS. WINNINGS.

Moral:Keep every losing ticket.Whatever sport. NBA, baseball, whatever. That betting slip is like a reciept, should you ever hit the big on.  I know it hurts, but the only thing worse than winning a ton of money, would be the taxes you pay on it, and turn it into a 1/4 ton of money.

GL

One footprint on a dog track ticket shows the IRS these were picked up and not actually your own..Just sayin..

I've always heard the IRS wants documented logs/daily action figures for pros,guess that's why this flew for these folks...

I know of a bar in Mass that rubber bands losing scratch-off lottery tix,Keno tix into high denom packs so they are ready to give to the next winner to claim as losses vs the reportable win.

 

Yet another good one.

In the casino yes, since you have to. But not with sports gambling since I use a local.