Really an idiotic comparison. If I start an account with a hundred and regularly bet low stakes, moving ny account up and down without any crazy losses, are they gonna say I placed thousands in bets when my account was always near $100?
Wait what? As a non gambler I have questions. Do the wins and losses per customer get summed up at the end of the night and reported to the IRS by the casinos? Does one self-report? If so, again would it be your net over a certain period or each hand/roll/pull/spin?
Losses were deductible until a few years ago. Now most people just pay on the winnings. Once the standard deduction was raised, that deduction went away. Losses maybe deductable if you itemize (?), but it’s a pretty high bar.
Winnings over a certain amount are reported to the IRS. W-2 G
Really an idiotic comparison. If I start an account with a hundred and regularly bet low stakes, moving ny account up and down without any crazy losses, are they gonna say I placed thousands in bets when my account was always near $100?
Well the IRS can say you won thousands for tax purposes so be careful. Gambling losses do not offset winnings.
Wait what? As a non gambler I have questions. Do the wins and losses per customer get summed up at the end of the night and reported to the IRS by the casinos? Does one self-report? If so, again would it be your net over a certain period or each hand/roll/pull/spin?
Losses were deductible until a few years ago. Now most people just pay on the winnings. Once the standard deduction was raised, that deduction went away. Losses maybe deductable if you itemize (?), but it’s a pretty high bar.
Winnings over a certain amount are reported to the IRS. W-2 G
That’s bonkers.