Ok I'm going to need some game if anyone can help me. New to the legalized gambling world. Been on the low for so many years so no tax repercussions and so on.
Each account I have is going to send me a 1099? Is that only on money withdrawn or money in my account? Unrealized gains or actual gains? Losses I assume I'll be able to write off gambling losses somehow up to a certain amount.
This is all new to me and I would really appreciate any advice from people in the know. It's January so I have time to prepare for new year, but I want to be ready, so I don't get massacred by the Govt'.
Any help is much appreciated. Thanks
Each account I have is going to send me a 1099? Is that only on money withdrawn or money in my account? Unrealized gains or actual gains? Losses I assume I'll be able to write off gambling losses somehow up to a certain amount.
This is all new to me and I would really appreciate any advice from people in the know. It's January so I have time to prepare for new year, but I want to be ready, so I don't get massacred by the Govt'.
Any help is much appreciated. Thanks