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Thread: Tax on Blackjack TOURNAMENT Winnings

  1. #1


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    Tax on Blackjack TOURNAMENT Winnings

    Greetings, BJT.

    I am a winning blackjack tournament player (have won $20K in the last 2 months alone) & am wondering my options on paying the taxes on my winnings....... aside from choosing the lower amount of tax to pay on "Married Filing Jointly" & "Married filing separately" can anyone tell me how tournament winnings are taxed & any other options I may have for lowering the amount I have to pay? I got a form 1099, I believe, in Dec but unfortunately misplaced it...
    thanks in advance

  2. #2


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    ?not everyone all at once, bjt !!!!!!

  3. #3


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    ...............................

  4. #4


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    Nearly 1OO? views and still not a SINGLE reply............ CTFO, bjtf.................... sigh

  5. #5


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    BughouseMASTER,

    Here you go:

    https://www.amazon.com/Tax-Help-Gamb.../dp/1944877312

    Only $10 for Kindle version.

    Hope this helps!

    Dog Hand

  6. #6


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    I see only two options for you. First, report the gambling winnings as other income on Sch 1 for form 1040 line 8 and deduct your gambling losses as an itemized deduction on Sch A line 16. You may be better off just taking the standard deduction in which case say good bye to any hopes of deducting your gambling losses.

    Second way, report your gaming activity as a business on Sch C. Have to do this activity regularly with a profit motive, and keep good business records which you don't do since you don't even have your 1099. Down side to this method is having to pay approx 15% in self employment tax plus the income tax.

  7. #7


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    Quote Originally Posted by BughouseMASTER View Post
    Greetings, BJT.

    I am a winning blackjack tournament player (have won $20K in the last 2 months alone) & am wondering my options on paying the taxes on my winnings....... aside from choosing the lower amount of tax to pay on "Married Filing Jointly" & "Married filing separately" can anyone tell me how tournament winnings are taxed & any other options I may have for lowering the amount I have to pay? I got a form 1099, I believe, in Dec but unfortunately misplaced it...
    thanks in advance
    Did you think you are posting to the IRS forum? And some advice...don't lose your tax information.

  8. #8


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    Quote Originally Posted by Midwest Player View Post
    I see only two options for you. First, report the gambling winnings as other income on Sch 1 for form 1040 line 8 and deduct your gambling losses as an itemized deduction on Sch A line 16. You may be better off just taking the standard deduction in which case say good bye to any hopes of deducting your gambling losses.

    Second way, report your gaming activity as a business on Sch C. Have to do this activity regularly with a profit motive, and keep good business records which you don't do since you don't even have your 1099. Down side to this method is having to pay approx 15% in self employment tax plus the income tax.
    Thanks, buddy! They actually did send me a 1099 on my winnings in Dec but unfortunately I misplaced it... are they going to come after me if I don't report that winnings? It's not 6-figs or anything....

  9. #9
    Senior Member JBourne's Avatar
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    Quote Originally Posted by BughouseMASTER View Post
    are they going to come after me if I don't report that winnings?
    Yes.

  10. #10


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    Quote Originally Posted by JBourne View Post
    Yes.
    Absolutely

  11. #11


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    lol.... for a small ass amount they're REALLY gonna come after me for not reporting a couple thou?!?!? There are MILLIONS of ppl living in the U.S..... you really think they come after EVERYONE who dont pay their taxes? get real!

  12. #12


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    Quote Originally Posted by BughouseMASTER View Post
    lol.... for a small ass amount they're REALLY gonna come after me for not reporting a couple thou?!?!? There are MILLIONS of ppl living in the U.S..... you really think they come after EVERYONE who dont pay their taxes? get real!
    A lot depends on what political party that you are registered to vote as.

  13. #13


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    Quote Originally Posted by BughouseMASTER View Post
    lol.... for a small ass amount they're REALLY gonna come after me for not reporting a couple thou?!?!? There are MILLIONS of ppl living in the U.S..... you really think they come after EVERYONE who dont pay their taxes? get real!
    If a 1099 was issued, YES! The matching of issued tax forms and reported income is all computerized. One day, you will get a letter in the mail from the IRS with your tax and penalties due. And if you ignore that, one day, there will be a knock on your door...

    About 10 years ago, I got a letter like that for $10 in interest I forgot to report because I never got my copy of the 1099. Not getting the form in the mail is no excuse.

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