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Re: General Tax Question
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[ QUOTE ] In the U.S., gambling winnings are taxable income. Losses are deductible to the extent of winnings. I report every penny. [/ QUOTE ] Do I need a W2 or some other form from the sites that I use? Do I need to report winnings from each site separately, or is it basically a "This is how much I netted this year from gambling" line item? Thanks again [/ QUOTE ] You only need your own records (which I hope you have :-) ) It's not how much you netted. It's the sum of all your winning sessions and then you need to itemize deductions and deduct your losing sessions. Do a search, there's a lot of info in older tax threads. |
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