Taxes

OldBill · 10-06-22, 02:48 PM

100% up to the amount you won ex: you won $10,000 but wound up losing $8500 back so you only pay taxes of 33% on the balance of $1500 which is $495
adding all gambling losses are written off lottery tickets , scratch off tickets, horse racing tickets, sports bets

cookieman23 · 10-06-22, 03:30 PM

Originally posted by OldBill

100% up to the amount you won ex: you won $10,000 but wound up losing $8500 back so you only pay taxes of 33% on the balance of $1500 which is $495
adding all gambling losses are written off lottery tickets , scratch off tickets, horse racing tickets, sports bets

I lost 200,000 with barstool Sportsbook and I’m being told there’s a max cap of 3k for the write off? How does that make any sense.

StackinGreen · 10-06-22, 05:24 PM

Yes, if you lost that much you can win that much at a wash, as OldBill says

You can't write off losses from your ordinary income otherwise, that's the point (unless you are registered as a pro gambler, but that's asking for major scrutiny).