Can recreational players in USA offset winnings with proven losses?

[RudyRuetigger]

I say yes


PiMike is a goddamn genius though and says no


so if I win 200k at draftkings, but lose 200k at fanduel....ill still have to pay taxes on that 200k at draftkings even though i gained $0?




guy is a fukkin moron and needs called out


PERIOD

[SamsNCharge99]

a problem i sadly have never had to worry about

congrats to those who have to worry

[RudyRuetigger]

a problem i sadly have never had to worry about

congrats to those who have to worry

dougie needs to worry


i am helping him

[SamsNCharge99]

dougie needs to worry

i am helping him

again, i don't fully know. but working at my Dads liquor store, we do have regulars that do collect all their losing lotto tickets whether they be scratch offs, mega millions, take 5, daily numbers, ect.

People do hit numbers but then off set their losses with their losing tickets.

i would agree with you Rudy

[RudyRuetigger]

again, i don't fully know. but working at my Dads liquor store, we do have regulars that do collect all their losing lotto tickets whether they be scratch offs, mega millions, take 5, daily numbers, ect.

People do hit numbers but then off set their losses with their losing tickets.

i would agree with you Rudy

we have 10 grand riding on this



would like MILWAUKEE MIKE to check in

[cincinnatikid513]

just google i'm sure u will find

[jjgold]

If you bet online usa books you can request a profit loss statement end of year

Many already have it in settings

[RudyRuetigger]

just google i'm sure u will find

i think he owes me 10k

[cincinnatikid513]

i think he owes me 10k

no cash bets allowed


reported

[RudyRuetigger]

Don’t care what you believe.

It’s a fact. Stop drinking and go talk to a tax guy.

I been through it already. I know

wanna bet 100 points tough guy?

Bet you 10 g


That’s what I paid after audit.

Casinos send in a form that you collected 10g plus by law

ok deal


10g

10k i am owed?????

[cincinnatikid513]

ban this clown

[RudyRuetigger]

ban this clown

i agree


they should ban you but thats a different topic

[thomorino]

You pay at taxes on income not winnings, if you lose more than you win you have no income

[RudyRuetigger]

You pay at taxes on income not winnings, if you lose more than you win you have no income

just shows how dumb PImike is


even morino knows this

[thomorino]

just shows how dumb PImike is


even morino knows this

You are a dumb shit

[jjgold]

IN PA you get 1099 or W-2 whatever it is if your at a certain profit end of year

[RudyRuetigger]

IN PA you get 1099 or W-2 whatever it is if your at a certain profit end of year

its cumulative, yes JJ


thats my goddamn point



mike owes me 10k



what a moron

[Chi_archie]

look into your state laws and become familiar with a schedule A form

but you need to have an overall good accounting system to report

you can't just have a big 200k win and then dig up 200k worth of losing tix to offset it and rest easy that there won't be some more digging.

[Unrivaled]

Just move to Canada gambling is not taxed.

[RudyRuetigger]

look into your state laws and become familiar with a schedule A form

but you need to have an overall good accounting system to report

you can't just have a big 200k win and then dig up 200k worth of losing tix to offset it and rest easy that there won't be some more digging.

point is, you can offset wins with losses as a recreational player



thats the bet



i won



he owes me $10,000

[DrunkHorseplayer]

Yes, rec players can offset winnings with losses but they can't claim more losses than winnings and in order to do so, they must itemize which means the personal exemption is not an ootion.

[RudyRuetigger]

Yes, rec players can offset winnings with losses but they can't claim more losses than winnings and in order to do so, they must itemize which means the personal exemption is not an ootion.

thanks for your input



so i win from pimike



nothing new



doubt he pays

[pablo222]

PIMikfraud strikes again.
Thanks for clearing up his bullshit Rudy.

[RudyRuetigger]

he must have conveniently logged out so not checking this thread even though I said it in the other thread




sad to see



guy is hopeless



might be the new "no1here" of sbr

[mem5757]

Yes, rec players can offset winnings with losses but they can't claim more losses than winnings and in order to do so, they must itemize which means the personal exemption is not an ootion.

yes this is true, so even if you "offset" your winnings with losses you could still pay more in taxes since you have to forfeit the standard deduction if you itemize.

lets use an example: single guy has 60k worth of taxable income from his job. he uses the standard deduction of 12k, now he has 48k worth of taxable income for that year.

next year the same guy still has 60k in taxable income from his job, but now he has 20k worth of W2s from Fanduel. He itemizes and offsets them with 20k worth of losses from DraftKings, but since he itemizes he forfeits the standard deduction, so now his taxable income is still 60k, instead of the 48k that he was taxed on the previous year.

So point is you want to try to avoid triggering W2s and 1099 forms whenever possible, because even if you offset them you still pay more in taxes since you are forfeiting the standard deduction and with gambling losses you are only allowed to deduct up to your winnings, unlike stocks where you can also deduct losses.

[RudyRuetigger]

yes this is true, so even if you "offset" your winnings with losses you could still pay more in taxes since you have to forfeit the standard deduction if you itemize.

lets use an example: single guy has 60k worth of taxable income from his job. he uses the standard deduction of 12k, now he has 48k worth of taxable income for that year.

next year the same guy still has 60k in taxable income from his job, but now he has 20k worth of W2s from Fanduel. He itemizes and offsets them with 20k worth of losses from DraftKings, but since he itemizes he forfeits the standard deduction, so now his taxable income is still 60k, instead of the 48k that he was taxed on the previous year.

So point is you want to try to avoid triggering W2s and 1099 forms whenever possible, because even if you offset them you still pay more in taxes since you are forfeiting the standard deduction and with gambling losses you are only allowed to deduct up to your winnings, unlike stocks where you can also deduct losses.

i thought as a recreational player that is a separate column/SECTION?


NOT TO BE INCLUDED IN regular wages

[cincinnatikid513]

rudy actually thinking he's getting 10k what a dope

[mem5757]

i thought as a recreational player that is a separate column/SECTION?


NOT TO BE INCLUDED IN regular wages

what does it matter what section it's in?

and being a recreational gambler is worse for taxes than professional. professional can deduct travel and casino hotel and other business expenses, recreational gambler can't. recreational gambler gets screwed when it comes to filing taxes.

[KVB]

Yes, the key is the proven losses.

Back before I filed professionally I was in an audit and the auditor didn't know what the casino marker was.

lmao

He asked me to explain it and it got me out of the audit scott free.

Basically I would take out a marker and use that as the gambling tracker, with the backing of Harrah's. I could take a $20,000 marker out and, without even betting it, count it as 20k in losses as I would be writing check at the end of the week for the markers.

So I could get 20k on the casino floor brought to me and if I hit a 50K jackpot on the first dollar bet, I could still count the inital 20k as losses. I could just cash in the chips and write the 20k check back to the house as the "losses" and all I had to tell the auditor was that those were losses, complete with a casino supported (albeit not officially a tax document, none of the casino reports are) paper trail.

Bang, offset the win with proven losses.



It changes as a professional filer though, there are much more specific records to keep.

[jjgold]

Like I said it’s simple in the USA if you’re playing on the apps it’s all done for you

[RudyRuetigger]

rudy actually thinking he's getting 10k what a dope

mike posted before i made this thread then has gone silent


SAD



WHERE IS MY 10G

[chico2663]

I say yes
I got audited and won. Rudy as usual you are right.

PiMike is a goddamn genius though and says no


so if I win 200k at draftkings, but lose 200k at fanduel....ill still have to pay taxes on that 200k at draftkings even though i gained $0?




guy is a fukkin moron and needs called out


PERIOD

Rudy,you are right if you do long form. I can’t say on e.s. I was audited and won because of loses but you must have proof.

[chico2663]

You pay at taxes on income not winnings, if you lose more than you win you have no income

Wrong. You can’t claim losers without having winnings.

[BeatTheJerk]

Wrong. You can’t claim losers without having winnings.

[jjgold]

Rusty you made a 10 G bet with Mike??

I do not think he ever confirmed the wager

I might void it