I believe that you report your winning gains. If you bet 500 and win a 700 slot jackpot = you report winnings gains of 200 on taxes. Must be in a session (a bit complicated) and must keep records
It is 100% illogical to have to pay tax on your initial stake. That claim doesn’t even make sense in the most basic sense. You bet $1000 on a favored home team to win $250 how in the everloving f can you claim you’re taxed on 1250 (wager + profit). That tax would be more than your “winnings” in the first place! That’s not only illogical, its punitive and a bad faith argument to even make. That makes no sense. Winnings are ordinary income but winnings do not include your returned capital bc thats not your winnings. Whoever says gross winnings include initial stake doesn’t understand sports betting bc that makes 0 sense. Even when you bet on Fanduel, it says “to win ___” and then your total payout includes winnings and wager. Then u go under settings and “total winnings” includes wager. That’s disingenuous and nonsense on multiple levels
no lol. Capitalism. Many states promote lottery. also it will hurt resort, casino and gambling related business. i saw tax should be based on winning amount.
I believe people are misunderstanding what she's saying. The win only gets reported to the IRS if it's a 300:1 wager AND win over $600. So if you make 1000 bets at $5 each on 1:1 and win on every bet, you would have $10,000 in total winnings for all bets ($5,000 of true winnings). But since each bet was neither 300:1 or over $600 in winnings, nothing would get reported to the IRS. You would be responsible for reporting the $5,000 of true winnings yourself. At least that's how I understand what she's saying in addition to the information on the FanDuel tax FAQ page.
@@nicogiuffre4084 From my understanding, it's a single bet (transaction). By that, you could get multiple W2-G's in a single year. I also misstated the criteria and corrected my comment. It's actually "$600 AND 300:1". I had said "or" previously. I'm no tax attorney, just interpreting what I'm reading/hearing..
FanDuel and Draftkings have very specific language. As you said it is 300 to and $600 for an individual wager AND/or if you have $600 in “Net Profit” for the year. That is the part that will get 90% of people in trouble. The betting site will send a GW2 that will not report your net winnings it will report your gross winnings. In other words you will have to pay tax on 100% of what you “won” and 100% of what you bet ! The only way to not have to pay tax on your gross “winnings” is to itemize on your taxes. This is going to be a significant problem for thousands if not millions of people.
@@nealanthony3482exactly and most people do not itemize and therefore no matter even if they lose the money they still have to pay taxes on the gross winnings. best thing to do is to just bet little amounts for fun and keep that net profit under 600
@@Mundanesoup4you positive about this? I am worried about this as well. I’m also down. 7k in wins 7.5k in loses. I think anything 5k (winnings) then you need to report.
@jay3251 if your in the red for the year then your good(not really lol) but if your in the black then they will send you something either by mail or through the app/site itself.
this is flat out false, your gross winnings are taxed and you cannot claim losses unless you forego the standard deducation and do itemized deductions when you file taxes. This is why it literally it most likely not worth it, and in fact damaging, for the "regular" small dogs to do any sort of sports betting. The taxes make no sense and are completely silly@@Mundanesoup4
@@jay3251as long as you can prove the loss yes, it’s deductible . it’s reported so you best be sure to file it along with your deductible losses cause those don’t get reported by gaming companys as a Can do the same with keeping your losing state lottery tickets if you win more than the instant cashing threshold.
But that's not what she's saying. If you have 7k in winnings and 8k in losses, you either have to pay the taxes on the 7k or give up the standard deduction so you can offset the losses
@@sachinnair1613 You already are betting on negative ev games so why does the government need to get involved with gamblers that are guaranteed to lose in the long run? Just makes it easier to lose their money quicker. Its disgusting.
@@sachinnair1613 the winnings do not count unless its longer then 300 to one odds. Thats plus 30,000 and over 600. so i would just change bet size to win under 600 if u are taking those long shots. i had an 8 leg parlay that was only 16 to 1, but i bet a lot of favorites ml. Just need steelers to win tonight to cash it. 10 12 24.
I do sports betting all the time. But I stopped filing taxes 2 years ago. Im just gonna immigrate in a few years. Not giving the government money when they wont even give me comprehensive government healthcare in exchange. Go find the money elsewhere cuz idgaf.
Right the government getting out of hand with taxing on gambling your already losing money then when you win a little 25,000$ parlay hit they wanna tax you almost 10,000$ in taxes ???🙄🤦♂️🔥💯🔥💯
What if you only win like 15 - 20 on bets but total I won over 600 do I have to report, even if I only took out 200 or lest most of it I betted it again
@@DougDimmaDablmk when u do remember ts cuz im jus a kid and used my dads info but he don’t feel gambling he’ll beat my ah I’m only at 90 won rn but ion know how ts work I ain’t tryna pay no tax
If you lost $1000 in sports bets and won $1100 in sports bets on the same betting site, the profit to your wallet is obviously $100. But the IRS taxes you on $1100, which is more than your $100 profit, so you basically lose, even if you won. Same thing happens in stocks. So best to never play or invest ever.
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
It should be illegal for them to tax gambling. I’m betting my own hard earned money not them
Money that’s already taxed
@@smokenojoke8182literally facts the money I bet is already taxed
unless they want to share in the losses, you are right.
0 tax in the UK if you win money through gambling.
So 100% tax then?🤡
@@huntr1998 If 0 = 100
@@101yayo yep gambling threads seem to attract a certain amount of , i wont call them idiots, Trolls thats th word im looking for. just ignore them.
I believe that you report your winning gains. If you bet 500 and win a 700 slot jackpot = you report winnings gains of 200 on taxes. Must be in a session (a bit complicated) and must keep records
It is 100% illogical to have to pay tax on your initial stake. That claim doesn’t even make sense in the most basic sense. You bet $1000 on a favored home team to win $250 how in the everloving f can you claim you’re taxed on 1250 (wager + profit). That tax would be more than your “winnings” in the first place! That’s not only illogical, its punitive and a bad faith argument to even make. That makes no sense. Winnings are ordinary income but winnings do not include your returned capital bc thats not your winnings. Whoever says gross winnings include initial stake doesn’t understand sports betting bc that makes 0 sense. Even when you bet on Fanduel, it says “to win ___” and then your total payout includes winnings and wager. Then u go under settings and “total winnings” includes wager. That’s disingenuous and nonsense on multiple levels
I'm not addicted, I'm committed...
You’re committed, I am dedicated…. Few…
its only a problem if you are loosing.
US tax laws should be enough to discourage all Americans from gambling
no lol. Capitalism. Many states promote lottery. also it will hurt resort, casino and gambling related business. i saw tax should be based on winning amount.
I believe people are misunderstanding what she's saying. The win only gets reported to the IRS if it's a 300:1 wager AND win over $600. So if you make 1000 bets at $5 each on 1:1 and win on every bet, you would have $10,000 in total winnings for all bets ($5,000 of true winnings). But since each bet was neither 300:1 or over $600 in winnings, nothing would get reported to the IRS. You would be responsible for reporting the $5,000 of true winnings yourself. At least that's how I understand what she's saying in addition to the information on the FanDuel tax FAQ page.
Is it $600 from 1 bet or total bets over time?
@@nicogiuffre4084 From my understanding, it's a single bet (transaction). By that, you could get multiple W2-G's in a single year. I also misstated the criteria and corrected my comment. It's actually "$600 AND 300:1". I had said "or" previously. I'm no tax attorney, just interpreting what I'm reading/hearing..
FanDuel and Draftkings have very specific language. As you said it is 300 to and $600 for an individual wager AND/or if you have $600 in “Net Profit” for the year. That is the part that will get 90% of people in trouble. The betting site will send a GW2 that will not report your net winnings it will report your gross winnings. In other words you will have to pay tax on 100% of what you “won” and 100% of what you bet ! The only way to not have to pay tax on your gross “winnings” is to itemize on your taxes. This is going to be a significant problem for thousands if not millions of people.
@@nealanthony3482exactly and most people do not itemize and therefore no matter even if they lose the money they still have to pay taxes on the gross winnings. best thing to do is to just bet little amounts for fun and keep that net profit under 600
I’m confused so I won’t some money and lost some on draft kings and I’m down for the year do I still have to pay taxes on the winnings
Nah if ur in the red you dont have to worry about taxes. If your up for the year then you gotta pay.
@@Mundanesoup4you positive about this? I am worried about this as well. I’m also down. 7k in wins 7.5k in loses. I think anything 5k (winnings) then you need to report.
@jay3251 if your in the red for the year then your good(not really lol) but if your in the black then they will send you something either by mail or through the app/site itself.
this is flat out false, your gross winnings are taxed and you cannot claim losses unless you forego the standard deducation and do itemized deductions when you file taxes. This is why it literally it most likely not worth it, and in fact damaging, for the "regular" small dogs to do any sort of sports betting. The taxes make no sense and are completely silly@@Mundanesoup4
@@jay3251as long as you can prove the loss yes, it’s deductible . it’s reported so you best be sure to file it along with your deductible losses cause those don’t get reported by gaming companys
as a Can do the same with keeping your losing state lottery tickets if you win more than the instant cashing threshold.
Just simply explain most people never make a profit and never owe taxes, and the majority above that eventually lose and have a zeroed out tax basis
I agree. Just get to the point and explain the main points. Don't ramble
But that's not what she's saying. If you have 7k in winnings and 8k in losses, you either have to pay the taxes on the 7k or give up the standard deduction so you can offset the losses
@@sachinnair1613 You already are betting on negative ev games so why does the government need to get involved with gamblers that are guaranteed to lose in the long run? Just makes it easier to lose their money quicker. Its disgusting.
@@sachinnair1613 the winnings do not count unless its longer then 300 to one odds. Thats plus 30,000 and over 600. so i would just change bet size to win under 600 if u are taking those long shots. i had an 8 leg parlay that was only 16 to 1, but i bet a lot of favorites ml. Just need steelers to win tonight to cash it. 10 12 24.
Always keep 30% of your winnings to the side not what you wager
@4Realkevv can you explain in more detail? Do you mean to the side like within the sports betting account, or like already cashed out?
@@luisito9487both work, but better to transfer it to another account because u might gamble it anyway
Every time you Win keep 30% to the side its simple
I do sports betting all the time. But I stopped filing taxes 2 years ago. Im just gonna immigrate in a few years. Not giving the government money when they wont even give me comprehensive government healthcare in exchange. Go find the money elsewhere cuz idgaf.
Real.
Right the government getting out of hand with taxing on gambling your already losing money then when you win a little 25,000$ parlay hit they wanna tax you almost 10,000$ in taxes ???🙄🤦♂️🔥💯🔥💯
so are you saying if you keep your +30,000 longshots to under 600 dollar winnings, gambling winnings no matter how much are not taxable?
so if i won $600 bust lost $750 for the year do i even need to report it ? since i didn’t actually win anything
What if you only win like 15 - 20 on bets but total I won over 600 do I have to report, even if I only took out 200 or lest most of it I betted it again
so unless you hit that crazy parlay….no need to report
Only watching this because I hit a $800 parlay off 5
@@DougDimmaDabupdate?
@@Khayyyem not tax season, haven’t reported lol
@@DougDimmaDablmk when u do remember ts cuz im jus a kid and used my dads info but he don’t feel gambling he’ll beat my ah I’m only at 90 won rn but ion know how ts work I ain’t tryna pay no tax
how? digital gambling is more complex where hackers scam
Gambling problem is getting worse in America, stock market and sport anything you could bet on it
If you lost $1000 in sports bets and won $1100 in sports bets on the same betting site, the profit to your wallet is obviously $100. But the IRS taxes you on $1100, which is more than your $100 profit, so you basically lose, even if you won. Same thing happens in stocks. So best to never play or invest ever.
Who knew
So you can legit break even after winning one year and losing another and you get taxed and lose LOO
Stay away from sport betting, I lost more than $5300 on sports betting last year
You clearly don’t know sports bud
It's fun and addictive, I won't lie. That's the problem.