There's a bottom line figure where if you win that and cash out (for instance, winning a poker tournament at a casino or going on a blackjack heater) where you're "supposed" to report it. But playing games and keeping an active account, I wouldn't worry about it. Gamble away, become a degenerate like the rest of us. I think that amount I'm referencing is 10K...but I haven't looked in so long I have no idea if that's still the case.
I believe the amount is closer to $1,000. All I know is that back when I was juicing Dolan's regularly at poker when I was single, I had to report income two years in a row to the IRS. I loved putting gambler on my taxes. That was fun.
10 k transactions are what financial institutions are required to report to the government for anti money laundering purposes. Sent from my iPhone using Butler Hoops
What I read is that beyond $600 the payor is required to withhold 24% of the winnings for taxes. Therefore a tax form would be sent to the irs. That does not mean you’re, done however. If you’re in a different tax bracket you still need to adjust your winnings for your actual tax bracket. You could owe more or be due for a refund depending on your actual rate. The things is above $600 you would have to report it because the IRS would have documented evidence. You can use gambling losses to offset your winnings if you itemize them, but for that to make sense, your losses have to exceed the standard deduction. Sent from my iPhone using Butler Hoops
So, basically, if you're winning a good chunk of money, withdraw $599.00 each year on Dec 31 and be done.
Yeah I got mixed up I think. The 10K is for 1099 income across the board (or is it 8K) and I do think gambling differs per state? Seeing that it's not legal in GA I don't have to worry about it I guess
I don’t think it’s withdrawals that matter, I think it’s winnings. I saw nothing (read two articles so not claiming to be an expert) suggesting that withdrawals were a consideration. That would be consistent with the irs taxation of everything else at an individual level, and with how the articles say gambling losses are treated. Should withdrawals be the appropriate consideration, it’s suggestive that the winnings are not actually realized until they are remitted to your account, and therefor if you lose that money in a subsequent bet, you are only responsible for the net difference. This is not the case. (But seemingly could effectively be if your losses were large enough though again that would have to be itemized) Sent from my iPhone using Butler Hoops
No they don’t. You just need to have other write offs that exceed the standard deduction where your gambling losses are just one part. SALT deductions, charity, dependents, for me I’m “self-employed” now so home office, mileage, utilities, etc. All of that over the standard deduction and you can add your gambling losses.
That’s correct. For most people the standard deduction would be a significant amount of losses/contributions etc. Sent from my iPhone using Butler Hoops
It does seem as of late that fewer college basketball games are being postponed or cancelled. Sent from my iPhone using Butler Hoops
Positives-it's friday. Even better...Ozark (final season) comes out this weekend. Breathe deep and enjoy the weekend.
College Hoops is a roller coaster this season; no matter who your team is. Absolute mayhem out there. Gambler’s Beware!! Sent from my iPhone using Butler Hoops mobile app
That KC-Buffalo game wasn't drunk...that ish was on crack. And it's the only football game where the favorite covered this weekend...and twice it looked as if it would be the same fate as the other three favorites.
BUF-KC = best NFL playoff game I’ve ever seen. The other 3 games were really good too. Sent from my iPhone using Butler Hoops
Yeah that was wild. A TD with :13 left and yet Buffalo couldn’t hold on. Incredible. Mahomes is a wizard.
Colts drafted a Guard over Josh Allen. Yes, Luck was still on the team, but somebody in the FO had to know he was at least contemplating retirement. Man, what a game yesterday. The AFC is going to be entertaining as hell for the next decade.
