Sports bets winnings and taxes

[Birdman3237]

Anyone in the know of exactly how to avoid paying taxes on sports bets winnings? Do you just keep the payout under 10k? So much misinformation on the internet.
Plus only you would really know how much you won and then lost on the craps table. Seems like such a grey area there's no way to track.
Any real experience advice is appreciated.

 

[skoda]

Win less! on a serious note it gets complicated. I was trying to write off winnings on a $30,000 lottery win years ago and the taxman was including ALL my winnings from horse racing from .10 cent up? I thought since no 1040-G beside lottery it would be a wash… Not so?

This is why when I play Triples at the track make sure payouts will be under the cap and another reason I am still working. Invest in yourself early and only play the Kentucky Derby WPS…. Lots less hassle… Birdman, your not from Alcatraz RU…

 

[Birdman3237]

From an island yes but not Alcatraz.
Thinking about counting craps loses against betting won. How would they know how much you lost on the tables if you don't use a players card.
The sportsbook is gonna report my winnings so I need some loses.
Still under consideration.

 

[skoda]

From an island yes but not Alcatraz.
Thinking about counting craps loses against betting won. How would they know how much you lost on the tables if you don't use a players card.
The sportsbook is gonna report my winnings so I need some loses.
Still under consideration.

I'd take it a pro. Good no footprints...

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions.

 

[john_2023]

Sports betting winnings may be taxed depending on your jurisdiction. Because gambling gains differ from nation to country and area to region, bettors must be informed of their local tax rules. Winnings may be liable to both federal and state taxes in some states, while they may not be taxed at all in others. Individuals should keep accurate records of their betting activity, including winnings and losses, to guarantee compliance with local legislation. Understanding the tax ramifications of sports betting is essential for responsible sports betting.