It is really very simple. And it always amazes me that for something so simple, there is so much misunderstanding.
Your gambling income is like any other income, and it goes on line 21 of your 1040. So if you made 50k at your job, and you made 150k gambling, you made 200k for the year. There is no answer to your original question because it depends on your tax bracket (determined by your income) and your deductions.
You are allowed to write off your losses against your winnings - but I assume when you say "I won 150k gambling" that is the net winnings.
The IRS expects you to list all of your "winnings" on line 21, and deduct all of your losses on schedule A. Whatever that means. But I think you are very safe in putting your net winnings on line 21 because your honesty will put you in front of 99% of people in the US and 100% of people at covers.
Look - the US tax code is an honor based system. Everything can be a deduction if you want it to be. Take your mom out to dinner? Deduction. Drive your car to the strip club? Deduction. UNTIL YOU GET AUDITED, and then you have to prove stuff.
Goose suggests going around and picking up tickets at the track. This idea is funny. As if this would trick an auditor. If you wanted to hide the gambling income, you are probably better off not insulting their intelligence. The conversation would go something like this:
Auditor: "I see you lost 150k at the track, can you show me your bank records to show where you got this money? Also, the time stamps on your tickets conflict with your work hours - and you were on vacation out of town during this one...."
You: Silent because you just shi* your pants.
What are the chances of getting audited? Who knows. Anybody who says they do are lying. But if you do - they will not be fooled by tickets off the ground - the thought of that is funny.
How much will your taxes be? All depends on your situation, but it is just normal income on top of any other income you have. For a rough idea, just go plug 150k in to line 21 of last years 1040.
All of this is if you file as a recreational gambler.... Different rules apply if you are a professional gambler...
If you put 150k in your bank in dribs and drabs from the methods available from most offshore books- your bank is likely to file a SAR on you (suspicious activity report). It might sit in someones drawer forever. Nothing might ever come of it. Most have nothing done.
But if you are one of the unlucky few - they might just take an interest in you - and then you will have to answer questions.
In these situations where 99% of the time you get away with it - people are all experts like you apparently are. The 1% don't write on covers about their audit and subsequent financial difficulties. If you want to know if stealing for a living pays off, talking to only people on the street wouldn't give you the full picture- you would also need to visit the jail to see if stealing is really for you.
But I have to say - actually buying losing tickets from the track has to be the alltime dumbest thing I have ever heard. Congrats for that.
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