General Tax Question

Soul Daddy · #1 02-10-2005, 11:18 AM

What are the rules regarding claiming one's winnings on tax returns? Or even more to the point, do you guys claim all of your winnings or just the major tourney scores > $1k?

LaggyLou · #2 02-10-2005, 11:36 AM

In the U.S., gambling winnings are taxable income. Losses are deductible to the extent of winnings. I report every penny.

Soul Daddy · #3 02-10-2005, 11:42 AM

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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

mistrpug · #4 02-10-2005, 11:52 AM

[ QUOTE ]
[ 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

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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.