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pipettes-pinnacl
New Member

Does anyone know information about sportsbook winnings and reporting. The casino told me w2g was not reported on my winnings because it didn’t meet the criteria.Any info?

 
4 Replies
Bsch4477
Level 15

Does anyone know information about sportsbook winnings and reporting. The casino told me w2g was not reported on my winnings because it didn’t meet the criteria.Any info?

You probably won less than $600. This article should answer your questions. 

https://blog.turbotax.intuit.com/income-and-investments/heres-how-gambling-on-college-and-profession...

 

pipettes-pinnacl
New Member

Does anyone know information about sportsbook winnings and reporting. The casino told me w2g was not reported on my winnings because it didn’t meet the criteria.Any info?

Unfortunately I won not 600 but 6 figures. 

Critter-3
Level 15

Does anyone know information about sportsbook winnings and reporting. The casino told me w2g was not reported on my winnings because it didn’t meet the criteria.Any info?

No matter if a tax reporting form is issued or not it is still reportable taxable income just like a $2 winning lottery ticket is ... so you report it in the TT program as winnings where a tax form was not issued.

Opus 17
Level 15

Does anyone know information about sportsbook winnings and reporting. The casino told me w2g was not reported on my winnings because it didn’t meet the criteria.Any info?

You owe income tax on all your winnings, and if you itemize your deductions, you can deduct losses. If audited, you may be required to prove the amount of your winnings and the amount of your losses. The fact that the casino did not issue the correct paperwork does not mean the winnings are tax-free. It might make it harder for the IRS to catch you, but if they do catch you for under-reporting a six-figure income, the penalties and late interest payments will be substantial

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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