Gambling Winnings

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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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