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.
Taxes for 2022. Can one tell me how it’s done w / casinos sports online.
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matrix1022SBR Wise Guy
- 03-04-12
- 565
#1Taxes for 2022. Can one tell me how it’s done w / casinos sports online.Tags: None -
gauchojakeBARRELED IN @ SBR!
- 09-17-10
- 34109
#2Milwaukee Mike check inComment -
TheMoneyShotBARRELED IN @ SBR!
- 02-14-07
- 28672
#3My 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.
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 -
strSBR Posting Legend
- 01-12-09
- 11723
#4You 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 -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39995
#5I 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.
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 -
actiondanSBR MVP
- 10-16-10
- 3437
#6english pleaseComment -
TheMoneyShotBARRELED IN @ SBR!
- 02-14-07
- 28672
#7-$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 -
FishheadSBR Aristocracy
- 08-11-05
- 40179
#8-$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 -
TitanSBR Rookie
- 02-26-11
- 42
#9There'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 -
OldBillSBR Hall of Famer
- 11-02-21
- 6416
#10you 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 -
WilfredSBR MVP
- 08-19-12
- 1908
#11I 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 -
CrayzeeSBR MVP
- 10-27-06
- 4945
#12uggghh - got an appointment for accountant on wednesday
i won alot on fantasy for 22Comment
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