Need Help with Tax Winnings

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  • alekim
    SBR High Roller
    • 01-04-14
    • 161

    #1
    Need Help with Tax Winnings
    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?
  • Crusherrr
    SBR MVP
    • 06-27-16
    • 3649

    #2
    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.
    Comment
    • alekim
      SBR High Roller
      • 01-04-14
      • 161

      #3
      so I need to itemize my losses.

      Ok, thanks
      Comment
      • Shifty
        SBR Wise Guy
        • 08-10-08
        • 558

        #4
        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.
        Comment
        • alekim
          SBR High Roller
          • 01-04-14
          • 161

          #5
          the book already took the highest rate of 37%. it looks like depending on income level I will get back a little of something
          Comment
          • BigJay
            SBR MVP
            • 01-14-12
            • 3485

            #6
            You should get most of it back if you itimize your losses and they are equal to your win.
            Comment
            • Optional
              Administrator
              • 06-10-10
              • 61457

              #7
              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.
              .
              Comment
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