Those who have filed and gambled on sports in 2022, what did you show?

quote:

---

Others are saying that you need to report absolutely everything.

---

Lol no

Obviously if you are having to sign paper for wins then report it. If it's bits and pieces over time I wouldn't worry

If you signed at the casino, report it

If you get a 1099g file



If you have winnings need to go to horse track pick up some losers off the ground

quote:

---

So, what do I need to report?

---

read my post and link above

quote:

---

5/6 haven’t given me 1099

---

you need to get with them. WHo in the hell are you using? in-country? or offshore? offshore won't report shite for obvious reasons. that is how we got away with it for years before it was legalized here.

my sportsbooks had a W9 waiting for me ahead of time so i could fill out so they could send 1099's.

with all this shite legal now pay your taxes. you should have a history of all wagers. if you do not pay eventually they will bust you. They won't forget to report what you won.

they may not be reporting because

1) you won less than 600 at all sportsbooks?

therefore they won't send you a 1099.

but being that you went over 600 cumulatively i would let my CPA know and have them advise. my guess is pay the taxes therefore you have proof documented in your tax filing should the IRS ask later. CYA.

I won $1,500 just from Caesars and they haven’t sent me a tax document. They are also not allowing me to download one from their app

From Caesars

Tax Reported Prizes
Certain wins require a special claim process to satisfy tax requirements.
Certain wins, including any single wager paying 300 times the amount wagered and at least $600, require a special claim process to satisfy tax requirements.
You will be notified whenever you have a win that requires you to complete the claim process. Additionally, you will have to enter the first five digits of your Social Security Number as a part of the claim process.
Wins that require you to complete the claim process do not appear in your account balance, but those wins can be found within My Account > History > Tax Reported Prizes.
After the claim process is completed, your balance is credited with the eligible funds and you can withdraw your funds immediately.
Please visit the General Terms of Service Page for more information.

I did in 2021 through all reputable legal sites in Tennessee and not a single book sent me a tax form, was profitable in the thousands on some, lost on others, didn’t get a single form and you won’t either.

quote:

---

Some state that every winning wager is income and every lost bet is gambling losses. So if you are a high volume bettor you would claim 103k in income and 100k in gambling losses etc. You end up paying way more in taxes than your net profit if you typically do the standard deduction and it would make absolutely no sense to gamble like this. Yet some people are insistent this is how you report it.

---

I'm fighting my CPA right now on this. To make the numbers simple, I grossed about $30,000 in one score. The casino charged me taxes on the whole $30,000 not taking into account my wager amount. Nor the 10% action on my bet I sold a buddy and paid him out on. Lost back a reasonable amount over the year. Kept excellent records. Apparently the losses don't offset unless they exceed the amount won. And I owe taxes on the gross amount regardless. WTF?

The losses didn't exceed the standard deduction. And I don't have enough to itemize to make the total surpass the standard deduction threshold.

I've read the pub. It's stupid.