does anyone in here know how much you have to win at the casino betting sports to pay taxes ?

i have won well over 20,000 betting sports online in 1 year and i never paid any taxex or got a w2 form or anything in the mail 

AS

Ask your accountant!!

lol

@GiantFan18

The stupidity (original poster) never seems to amaze me.

Hey lets bring this up on a public forum where if and all govt officials can see.

That seems like an absolute impossibility given everything you've shown us so far, and I'm not talking about your picks.

that was a few years ago and i lost about 30-35. so no i didnt win that year. but i have won probably 5k maybe more this year betting sports at the casino. so can they tax u.

Kids really need attention now adays

You wont get a W2. W2 is for employees. You'd get a 1099, if anything. And technically over 599 you have to pay taxes on. But also a section to enter gambling losses as well to offset. 

Considering most dont know how to do taxes, I'd consult a professional.

Also, not the job of a sport book, casino, lottery office, etc to make you pay your taxes. That is your responsibility as an American

You hit a bad beat in a poker room, you're receiving a W2G, but that's about it.

Again, your responsibility

imagine asking such a broad question like this in public and none of us even know or care what country you're from which changes everything.

U couldnt find the show horse in a 3 horse field....

@bigred84

 lol

@phillies73

 you can balance your losses against your winning.  example: lotto ticket losses (save those tickets) losses from the race track ( save the tickets and the programs ). don't just pick up tickets from the same race, make it look believable ! and I'm sure you have other bets that lost from the sports. If you put any effort into it you shouldn't have a big tax bite 

@brooklyn1

 thank you sir !

i called the sportsbook at the casino i usually go to. the guy said that im good and wont have to pay taxes

@phillies73

 Of course you did.

Did it sound like he was gasping for breath and laughing hysterically while telling you this?  He didn't put you on hold for a few to grab a co-worker to listen in did he?

@phillies73

 gambling winnings are added to your income but can take the losses off against the winnings, you CANT take losses of if there are no winnings. IF you won the money in 2023 you have a lot of time to accumulate losses .

There is a caveat to deducting gambling losses (to the extent of winnings), you must itemize in order to take advantage of the deduction. The deduction is made on Schedule A, so if you take the standard deduction, there is no place to make the deduction.