My tax man just told me I made more money w / added gaming and he taxes me on same money I made So if I made 1000 a week and got taxed for it and took home 800. Then bet 200. Now it’s 1200 to be taxed on ? It totally sounds crazy. So if you made say 100000 a year and you bet. 200000 betting you pay taxes on 300000. No way right. ? Just an example.
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Milwaukee Mike check inComment -
I know a female in Michigan in which all she does is play online state regulated casino games... no sports. She was sent a 1099 for $80,000+ of winnings. But her net losses were -$110,000. She is in total disbelief. Clearly it shows all her net losses from the app. But apparently Michigan doesn't care.
Good luck getting tax information from anyone here. It's top secret. I've always been skeptical with this new online regulated state wagering crap.... I don't know if there's an error in her 1099 or not? She's not the type to really do anything about it.Comment -
You need to show proof of offsetting losses.
Show the winning.
Then, show the losses.
It's not what you bet. It's winnings vs. losses.
And no , I am not an accountant.
But I did deal with taxable winnings before but was able to show losses that negated them.
Confirm with an accountant that understands gambling winnings.
Hope that helps.Comment -
-$110,000 online casino? Wow. I just don't get it. Of course we can see how people think they have an edge in sports (and some do). And I can understand why people enjoy going to casinos to play. But online casinos? To the tune of -$110k. That's some sick shit.
The 1099 trigger for online casinos is easier to hit than it is for sports (over 300-1).
As to OP, I have no idea what he's saying. Can anyone translate?Comment -
english pleaseComment -
She gave me her phone about 2 months ago... and I noticed all her winnings. I said all you're playing are slot machine games online?? She goes yep. One day she won $2,200 just playing the slots. 5 days later she won $2,600. I said to myself... I thought those games were designed to rob you? Well eventually it did... but I'm somewhat surprised they allowed her to win 80k. Regardless... she's in some serious sh## because she's flat broke.Comment -
There's only a few states that don't let you deduct losses, I can't remember off hand which ones those were. The caveat is you have to ITEMIZE your taxes but in Michigan this law was passed in late 2021 to deduct losses.
https://www.michigan.gov/taxes/rep-l...%20and%20after.Comment -
you can deduct all losses up to amount you won hell in just neighborhood i can collect 1000's of losing scratch off tickets
plus all gambling losses even at casino table games it's recorded
so if you won $250,000 in any form of gambling you can write off all losses up to that amount and tell the IRS go suk my d ****Comment -
uggghh - got an appointment for accountant on wednesday
i won alot on fantasy for 22Comment
