Let’s say I had $1,000 wagered and $500 won in Sportsbook A. In Sportsbook B, I had 1,250 wagered and $2,000 won. What are my gross winnings and losses?

[spra724858]

Can I report I had $500 in losses and $750 in winnings? Or would it be $2,250 in losses and $2,000 in winnings? From what I understand, this would make a big impact on my AGI so any help would be greatly appreciated.

[Mike9241 · Accepted solution]

the tax laws specify that gross winnings are reported as income.. the cost of bets and losses are deductible but only if you itemize your deductions

your gross winnings appear to be $2500

your losses/costs of bets appear to be $2250