Guys wanted to bring aware new irs laws

Everyone.. just get and talk to a CPA if you have what you think serious winnings

There's both good and bad advice/comments here

I worked at multiple tax firms 

All taxes are per calender year... Jan 1 - Dec 31st

You can write off winnings as losses

Like a guy said above and which I did... if you are worried. Just collect lotto tickets and scratcher in case of an audit (they have to be calender year as well)

Audits Start with an AUR (computer) which then generates a letter... which you can contest through a CDP but you need to have backup proof when a person at the IRS gets involved.

Some fall through the cracks. Some don't

I wrote off (reported) 63K straight as losses in 2023 and sweated it for the next 10 years

The irs has 10 yrs to collect on a tax debt (from date of assessment which typically isn't the same tax year)... kinda like how a BK falls off your credit report at 7 or 10 yrs

Trust me..if it's significant money... you don't want to sweat the next 10+ yrs

Again.. find a cpa or ea for advice.. not an online gambling forum

also.. by law you're supposed to report all winnings... however if you hit at a casino and your paid without giving them your ssn and DL you're off Scott free

I've won over 9k on a bet (2005 afc champ) and they didn't ask for a thing but the ticket. You think I reported that? (If the IRS is reading this, I'm just kidding)