Out of context W2G question. Apologies

Hi Guys,

I had a net losses of -4K (8K win and 12K losses) in 2021. I have not received any W2G. Do I still have to itemize and show the wins offset by losses . If I do will loose the standard deduction of 24K and pay taxes for that. May I know how you guys do it ? Do I have to report or can i just file standard filing as net losses and no W2G ? Please advise

you lost money, why are you reporting anything? irs will only receive this info if you’re net +600 or have hit a big parlay with +3000 odds, check with your book they have different thresholds. this isn’t financial advice and best to talk to your own accountant. 

W2G is only if you win a bet that pays better than 300-1, like a lottery or slot machine or maybe a huge parlay

I wouldn't declare any of it.

@Steal @thorpe

 Thanks .. Thats what I thought so exactly.. but the turbotax, efile says different you to report winnings from each wager and deduct losses from lost wagers by doing itemized which will avoid standard deduction :(... so confused...

Even if you dont receive W2G you are supposed to declare winning wagers (not if the net is accounted to Win) as per all tax sites :( so confused

It’s important for you to know the thresholds that require income reporting by the payer. Winnings in the following amounts must be reported to the IRS by the payer:

• $600 or more at a horse track (if that is 300 times your bet)
• $1,200 or more at a slot machine or bingo game
• $1,500 or more in keno winnings (minus the amount you bet) 
• $5,000 or more in poker tournament winnings (minus the amount you bet or buy-in price) 

All of these require giving the payer your Social Security number, as well as filling out IRS Form W2-G to report the full amount won. In most cases, the casino will take 25 percent off your winnings for IRS gambling taxes before paying you.

Not all gambling winnings in the amounts above are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount. 

Note that this does not mean you are exempt from paying taxes or reporting the winnings on your taxes. Any and all gambling winnings must be reported to the IRS. It only means that you do not have to fill out Form W2-G for these particular table-based games.