View Poll Results: How Do You Report Gambling Winnings on Your Taxes

Voters
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  • As Other Income Deduct Losses as Itemized Deduction

    2 33.33%
  • As a Business on Sch C

    1 16.67%
  • Only Report if Receive a W2G

    0 0%
  • Net Winnings & Losses Then Report as Other Income

    1 16.67%
  • I Plead the 5th

    2 33.33%
Results 1 to 5 of 5

Thread: How Do You Report Your Gambling Winnings on Your Income Taxes

  1. #1


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    How Do You Report Your Gambling Winnings on Your Income Taxes

    It is a new year so time for a new poll.

    I'm curious how most folks report their gambling winnings on their taxes. There are two main methods. The first is to report winnings as other income and deduct losses as an itemized deduction. The second is to report as a business and file Sch C. There are also some made up methods such as to only report if you receive a W2G or to net winnings and losses and just report the net amount.

    I feel most folks don't bother reporting anything unless they happen to be issued a W2G. However, I have nothing to back up this feeling.

    Note: This poll does not reveal your handle.
    Last edited by Midwest Player; 01-05-2018 at 10:14 PM.

  2. #2


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    I just send all my stuff (diary + piles of W2G's + 1099s[?] etc.) to my accountant and let my accountant figure out the best way to do it. I'm pretty sure it's been done on Schedule C before and other times as a business.

    If I were doing it myself and AP was my only source of income, I'd probably do Schedule C.
    "Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]

  3. #3
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  4. #4


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    Quote Originally Posted by RS View Post
    I'm pretty sure it's been done on Schedule C before and other times as a business.
    Doing it on Sch C and as a business is the same thing. Schedule C is the form you use to report as a business. If you file as a business you will probably also have to file Schedule SE to figure out your self employment tax.

    Frank Galvin linked to an interesting court case in one of the threads below on filing as a business. Over the years I have read several such cases and most of them were thrown out as non acceptable because they weren't playing with an advantage and a reasonable expectation of a profit was not present. This also appears to be the situation in the case Frank linked to.

    Years ago on BJ21 when MathProf and Bootlegger were still alive we had many good discussions on filing as a business for gambling. The tax attorney by the handle of "Chicago" would often contribute his two cents. MathProf told of how he got audited and finally got the IRS to accept his filing as a business.

  5. #5


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    Quote Originally Posted by Midwest Player View Post
    Doing it on Sch C and as a business is the same thing.
    Heh, well then, that's embarrassing. Like I said, I don't do my taxes, so. =\
    "Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]

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