Tax laws NY- Gambling

[Thor4140]

You can offset gambling wins to losses; so next time you are at the track grab all the losing tickets littering the ground. Now you have "proof" your 1099 winnings were lost on the ponies.

Congrats! You are now a break even gambler and owe no tax.

JJ any chance we can make some money here? I will sweep up all the tickets every day at Parx track and give them to you and we will split the profits. You just take care of selling these losing tickets to the guys that need a tax write off and send me my cash after you sort it all out. You can prolly get a dime with each ticket. I just want five cents a ticket. Any winners you can send back to me and i will take 30 percent and you can get 70 percent on those since you are the one who is going to sort thru them. I think we have a winner here. Summer would be a good start where i can get the ones blowing around outside also.

[KS1986]

So i spoke 100% more clearly to my Tax guy. No matter what they are coming for you on any 1099 back forms if we FORGET to file them.
Also ANY winnings to an online gambling account over $600 in NYS get a 1099 form even if you lose 100,000 . It is up to you to prove LOSSES, the government already has proof from the 1099s sent to them from companies of your earnings ( all wins are added up as earnings). Also i informed him on the free $300 on ceasars app and told him i won up to $2700 then lost it ALL. He said just by winning over $600 automatically gets me a 1099 for this year and it will be for the whole $2700 i won and i DID not collect .

Let us know when you get your 1099, would like to see what they report.

[Machba]

This should help CLAER it all up for everyone. FROM MY TAX GUY. For ALL you to read! YFW!

https://www.irs.gov/taxtopics/tc419?fbclid=IwAR2RTI1X9EO2PRvx2TBLMpVxFZ8EWonMiqFKB23tgbQGT_G8gF8Oh1dZnL4

[KS1986]

This should help CLAER it all up for everyone. FROM MY TAX GUY. For ALL you to read! YFW!
https://www.irs.gov/taxtopics/tc419?..._G8gF8Oh1dZnL4

That doesn't really clear it up. I already knew those tax laws. I was interested in seeing if the NY books are really filing 1099's on everyone that wins $600 or more without deducting losses. Let us know when you get yours and if it's accurate.

[Machba]

That doesn't really clear it up. I already knew those tax laws. I was interested in seeing if the NY books are really filing 1099's on everyone that wins $600 or more without deducting losses. Let us know when you get yours and if it's accurate.

The answer is YES . Anything credited to your account from a WIN OVER and ADDING up to $600.

[Machba]

1099 and w2g are the same form just filed differently.