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

You can deduct losses up to the amount won but as stated, if you aren’t already itemizing, you get absolutely boned from this.

For example, standard deduction is 12k, your itemized deductions outside of gambling losses are 3k, gambling losses/wins are 30k, you are essentially getting taxed on 9k income you didn’t actually earn. Total illogical horseshite.

On another note, I requested win/loss statements from every Tennessee book and only Barstool couldn’t be bothered to get me one.

In your case, there’s not much you can do. For most casual bettors who didn’t win a big score that was taxed already by the book or casino, nothing is reported to the IRS and you are basically on the honor system here.

My guess is they have bigger fish to fry than worrying about a few hundred dollars of income from some casual sports betting schmuck, but who knows.

If you look at the FAQs on taxes on some of these apps they basically was their hands of any liability and tell you to consult a CPA. It’s in the books interest to have people paying as little tax as possible and they essentially imply that they don’t report to the IRS unless you receive a W-2

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Some state that every winning wager is income and every lost bet is gambling losses

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no. that is incorrect. read article i posted. track it. itemize. i do not use standard deduction. i have too many other deductions.

draftkings made me fill out a W9 which tells me they want to send a 1099. I figured they would all be like that. maybe not. i think all fanduel showed so far was a possible W2G but that does not apply to me as we discussed earlier as i have not won 300x an amount wagered.

yeah this shite is all jacked up. different crap at all sportsbooks. Damn. i also use two offshore books but those will be not reported for obvious reasons and i use crypto to deposit and withdraw through my exchange.

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Does the IRS read Tigerdroppings?

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just in case i will go back and delete all posts in this thread once we are done

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For example, standard deduction is 12k, your itemized deductions outside of gambling losses are 3k, gambling losses/wins are 30k, you are essentially getting taxed on 9k income you didn’t actually earn. Total illogical horse shite

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Yea this is my situation here. I literally get screwed on my taxes gambling sports because ‘all winnings are classified as additional income.’

So im getting taxed an extra 10k and moved up a tax bracket because of this garbage even tho i should only be taxed on my profit (which is around 10%) and i haven’t even withdrawn any of my balances from my sportsbooks (was hoping the code would be analogous to stocks).


Literally coming out in the red or close to it based off this even tho I profited decently without taxes.

Was hoping i was misunderstanding the tax code on this but this is such bs

well you can only deduct gambling losses up to your winnings.

If you have no winnings you cant deduct the losses.


So if you spent 30k and came out with 50k, you are paying on the 20k.

On the flip side if you gambled 30k over the year and only have 10k left, you owe nothing. but you can not take 20k in losses.

Profit. . gains