TryingToHelp19
Returning Member

Get your taxes done using TurboTax

I think there are going to be a lot of people that fall into this same category as us.  With online sportsbooks just getting started over the last few years, more people participating in them, and the new tax laws, this will be inevitable.

 

I have gambling winnings, and while I did not receive any W-2G forms because my winnings were not 300 times my wager, I will still be correctly reporting the winnings to both federal and state governments.  I think this will help to show I am doing the right thing, plus they will see I now have a lot of gambling winnings that I did not have before.  It will become almost self-explanatory.

 

Of course, if you have losses and therefore are not reporting anything regarding gambling on your taxes, that is a different story.

 

There needs to be a way for the sportsbooks to issue a document showing the methods one has sent and received money for the year so that can be included in one's taxes and stop any of this confusion and stress.