topic Gambling in Deductions & credits

Gambling

Fontaineb21 — Mon, 09 Mar 2026 04:37:14 GMT

I won 66,000 this year in online gambling but that was through PayPal and I know I have lost much more than that 66,000 but I’m not sure how to claim this because they are not sending me a tax form from the gambling sites because I won nothing but PayPal has sent me one. What do I do in this situation

Re: Gambling

MinhT1 — Mon, 28 Feb 2022 21:59:53 GMT

If your winnings are paid into your Paypal account then you can use the form 1099-K to report your gamblings winnings.

As for your gambling losses, you can document them with whatever documents you may have such as payments into gambling sites. But please note that gambling losses will not reduce your gambling winnings dollar for dollar.

Gambling winnings are added to your taxable income while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.

If the total of your itemized deductions including the gambling losses do not exceed your standard deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you do not have the full benefit of the losses on your tax.

For tax year 2021, standard deductions are:

$25,100 for married couples whose filing status is “married filing jointly” and surviving spouses;
$12,550 for singles and married couples whose filing status is “married filing separately”; and
$18,800 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

$1,350 for married individuals; and
$1,700 for singles and heads of household.

For more information, please read this TurboTax article.

Re: Gambling

Mike9241 — Mon, 28 Feb 2022 22:01:54 GMT

since the $66K in losses the taxpayer claims is more than the standard deduction, that's what he should use even if no other itemized deductions.

Re: Gambling

Fontaineb21 — Mon, 28 Feb 2022 22:04:20 GMT

So for instance I put in over 75,000 from 2 separate sites and won only 66,000 from those 2 sites. My question is what will I have to pay in taxes being I obviously don’t have 20,000 to give in taxes because I lost