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Get your taxes done using TurboTax
Thanks. I guess it is just not obvious to me from this
"Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets)"
that a winning gambling wager should be defined as a gambling loss. If I walk out of a casino having netted $100 that sounds like $100 of winnings to me.
I guess I'll trust the consensus here though. Really, I wish the online sports betting sites were required to send you a W2G even for small winnings, just because it would make the filing process easier than adding up dozens of separate $5 wagers and winnings in my records and trying to separate out what was what, when I know exactly what my net profit was.
March 7, 2021
2:47 PM