What
If you have net winnings, you are supposed to report them to the IRS just like any other income. This has nothing to do with CTRs. They don't affect you at all, however, if you have a lot of them, the IRS may want to see your gambling win/loss records.
If you are a net loser, you don't report or owe anything in Fed taxes.
If you have W2G's from machine play, have a table game loss, AND you itemize on your taxes, then you can write off losses against wins (down to zero).
Note that rules for state taxes vary by state. There are a bunch of states that don't allow you to write off gambling losses against wins.
This is not true. The IRS wants you to report all gambling winnings as other income. They want to see it listed on your return, and only then can you claim your gambling losses up to your winnings as an itemized deduction. If you don't itemize you can't claim any gambling losses. As a side note with the higher standard deduction this year a lot more folks won't be itemizing. The bottom line is you are screwed.
https://www.creditkarma.com/tax/i/ho...innings-taxed/
Last edited by Midwest Player; 09-08-2018 at 09:56 PM.
Email: [email protected]
How about filing as a professional gambler?
Schedule C, Form 1040:
Use this schedule to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if:
your primary purpose for engaging in the activity is for income or profit, and
you are involved in the activity with continuity and regularity.
Copied and pasted from the IRS website.
The Supreme Court decision on Groetzinger in 1987 that it has to be pursued full time is preposterous. There are many people with full time day jobs who run a side business to make a little extra money who file Schedule C.
Bookmarks