Need Help with Tax Winnings

**Crusherrr** · 03-06-19, 10:07 AM

Originally posted by alekim

So some regulated books take withholdings on big wins such a parlays.

My question is if they already took $35000 withholdings from 100k winnings and I lose 100k throughout the year. Will I get refunded 35000 due to gambling losses being even?

Yes. But you're going to need to have backups for proof. See if this book will provide you a Win/Loss statement for the year.

**alekim** · 03-06-19, 10:10 AM

so I need to itemize my losses.

Ok, thanks

**Shifty** · 03-06-19, 10:23 AM

The 100K winnings could put you in a higher tax bracket even if you have a net gambling loss for the year. Gamblers always get screwed by the IRS.

**alekim** · 03-06-19, 11:32 AM

the book already took the highest rate of 37%. it looks like depending on income level I will get back a little of something

**BigJay** · 03-06-19, 06:23 PM

You should get most of it back if you itimize your losses and they are equal to your win.

**Optional** · 03-06-19, 07:39 PM

Originally posted by alekim

the book already took the highest rate of 37%. it looks like depending on income level I will get back a little of something

Was it a parlay that paid over 300-1?

I thought that was the threshold.