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Gambling Winnings

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Seek advice on Gambling Winnings Come to ExpertsLand with your questions on Gambling Winnings and get the best Taxation experts from the world to answer your questions and offer advices on Taxable Income- Inclusions and Exclusions. ExpertsLand offers a 24*7 service for your questions on Taxation.

The Taxation professionals at ExpertsLand can answer your Gambling Winnings questions like:

  • What percentage of tax do you pay on gambling winnings?
  • If someone was a professional gambler i.e. they made a *living* from betting on horse races, and the profits they made from simply betting on horses was their only income; would this "profit" be liable for income tax (or any other tax?)
  • If you won inbetween $2000 and $3000 in gambling winnings but did not receive any W-2G's for it because all the winnings were for under $600.00 individually , would you think you would be liable for reporting it on your tax return?  Thank you for any of your honest replies.
  • I went to the casino way too much last year and max betted a lot. So much so that I had $40,000 in declared to the government winnings. Of course I actually ended up in the negative by about $10,000. So I am going to declare net winnings of $0 on my taxes. This means declaring a $40,000 deduction. I can get casino statements to back this up, but will this be a red flag that will trigger an audit or something? This actually really concerns me. I certainly don't want to pay taxes on gambling winnings when I had a net loss though.
  • Where on my tax form do I declare winnings, as wages under W2 earnings? I have more than enough losses to offset these winnings but how can I prove that? I have Xpressbet. I am obviously not a professional gambler so can I still declare the losses as an offset for the winnings? Any info is appreciated
  • If any person is making money by playing golf or cards casually with friends or acquatinces, is the income taxable and if so the losses are deductible.

 

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