I was wondering how and if anybody has has any issues with sports betting and paying taxes on earnings? I'm not sure how and when to file... Also if anybody has an IRS/Tax story?
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Talk to durito, my yearly winnings are usually 4 to the smaller 5 digits so i dont worry about claiming it. For bigger amounts theres a certain section. Im not absolutely sure tho.
Durito, monkey, donjuan?Comment -
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Yes, if there are forms filled out from horse or casino winnings, pay them, don't ignore them. I have done that 3 times and each time they came back about 1 year later.
Offshore, no comment.Comment -
You must claim gambling winnings. You may deduct gambling losses NOT subject the 2% floor for misc. itemized but you should have proof of losses.Comment -
Oh sorry that deduction is only to the extent of winnings.Comment -
How would I go about having proof of winnings from a Las Vegas sports book?Comment -
interesting, if I gambled enough to win that much i'd never have thought about filing taxesComment -
The IRS has no issue with proving your winnings. And this makes a lot of sense if you think about.. You must pay $.35 on each dollar you claim to have won, or whatever your effective marginal rate is. It is losses you must prove... A frequent players card with tracking will likely suffice, losing SB tickets, parimutual tickets, scratchers... Also, you will notice how easy it is to find some of these things and make them yours... anyone who wins should be able to "generate" sufficient losses to offset...Comment -
Thank You for the info
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If I just login to my sportbook account and print all my wagers is that enough(for IRS) for proving my wins and losses? Or do I have to keep a diary too?Comment
