Do I need to report online sports betting and casino wins?

lindseyvickers · ‎January 30, 2023

Lisa3588 · ‎January 30, 2023

Yes, net gambling winnings are taxable. You may be able to deduct your gambling losses from your winnings so that only the net winnings are taxable. If your losses exceed your winnings, you may not deduct your gambling losses.

Cynthiad66 · ‎January 31, 2023

As Lisa3588 said above, you must pay taxes on gambling winnings. Gambling losses are tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

Can you deduct Gambling Losses

How to Pay Taxes on Gambling Winnings and Losses

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"