Do you have to pay taxes on sports betting winnings? #sportsbetting #sportsbettingtips #sportsbets

[bangbangergang]

I'll start reporting my winnings when my government stops lying to me how my tax dollars are spent.

[goatclubbb]

I am not a tax/financial advisor, and this isn't tax/ financial advice, it's just a heads up for my sports betting friends out there!

[olivere]

The tax rules for sports betting are pretty bad. You can only offset losses on schedule a against winnings. This is a problem because you may have a loss on one sportsbook, and a gain on a second sportsbooks. With the new tax laws, most people use the standard deduction, and basically can’t deduct losses. For a savvy gambler, this is very discouraging and pretty much requires you to file as a professional gambler, which can be a red flag audit. Until they change the tax laws, I would discourage anyone from starting on this. It’s very common to have a gain on one Sportsbook, and a lost another one looking at the map could be losing money even though you had a gain. I made a profit of 7500 last year mainly because of incentives from sportsbooks. However, I had to report $10, 000 in income i excluded losses. Last year I would have I’ve had to pay even more taxes if I wasn’t able to move or lose money on one sports book and win on another systematically. Technically, I could’ve ended up paying 16, 000 in taxes and made only a $7500 profit this is very unfavorable to US taxpayers.

[sleepywakeup]

Question. So we only report once it’s over $600? Also, I heard that it’s not cumulative so I can bet on many different sports betting apps and I will individually receive forms correct?

[kwveib]

Many elements of this are incorrect....for instance. It is taxable.even if u see 600....tax rate is not 24 percent as that is just the amount that may be withheld.

[YoMeech]

Well duh. No brainer. As soon as you bet, you pay taxes.

[nicksmit]

I have winnings of 13k, but has placed bets worth 11k so profit 2k. Will I pay taxes on 13 or on the 2 profit. Kinda confused and can I deduct losses

[.ShadesofTrey]

So I don’t have anything to worry about if my winnings are $8400 and my amount wagered is $9, 700?

[Kveezy]

Are the refunds and the amount of losses taxed ? Like the amount I spent but didnt win anything, would I still get taxed for anything?

[raulacosta]

I get tax only if I make 600 or more of a single bet or get taxed after many bets through out that year and is more than 600 dollars?

[jordanparadisemusic]

If online gambling isn’t regulated where I live, can I claim it as regular income and still be not at risk of consequences?

[BingBongWasheeWashee]

If I withdraw winnings below $600 regularly to my bank account, say $200 each time, does that need to be reported too? And is it tax eligible? Or does it not matter - as soon as over $600 has been brought to my bank account in multiple withdrawals it’s all taxable?

[bobpatrisia]

What about an offshore account will we have to report

[bdubbfromthebranch]

2024 i made a bad mistake sports betting 2 years ago I dont know how much i made and the app i used i have forgotten the email and password and i never reported it. What do i do to one figure out the past winnings and loses and how do i pay?

[ClipChaser]

so how does it work as a business and stuff like that and can you exlain it a lil more like if you were to break it down to a ten year old

[william]

Hello if I have a negative net total for example -8k will I have to pay taxes

[iamwhatiam]

After you pay taxes on your net profit, do I get this money back ?

[basilcarpenterjr]

So heres my question hope u understand it so i deposit 400 in my account win 50 lose 50 won 20 lose 20 and so on emd up with 400 the same i started with and dont withdrawn do i still got pay taxes in other words just use the momey to play with thanks

[NightLife]

When you say winnings, you mean winnings minus wagers are taxed right?, not the total winnings?

Ex. Winnings 800, wager 600

Net profit 200, the 200 is the one that is taxed? Right?

[kdmproductions]

Question..so I know if you win over 600 you will get a W2G form but let’s say I win 500 from one betting company and than another 500 from a different company. Will it add together or are they separate?