In today’s video I talk about how sport’s betting works, and do my best to explain an overview of gambling taxes. This will help you understand tax deductions as it relates to gambling, and hopefully you win big amounts for the Super Bowl this Sunday. 😎
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Video Rating: / 5
What if you just keep your money in your account and don't take it out? Do you still have to pay taxes?
So I actually gotta pay money out my pocket?
I’m down 10k combined. Do I have to report?
i have 123k gambled and walked away with about 117k. so 6k in the whole over all.
bout 3k from it from casino and 2.8k in the whole from sportsbooks. would i still have to pay that 30 fucjing thousands
My aggregate win is 522 should i report it?
Online books dont send you a 1099G or a w2-g unless you win over $600 AND the odds were +30000 on ONE BET.
Hey need help I’m confused on FanDuel my bets 5587 winnings it says 3234 and net total is -2353 how much do I owe?
I have a serious question, my CPA is busy and hasn’t gotten back to me yet.. looking for clarity. I have won (profited) $40,000 from wagering basically all year long, at one point I was down money, but have since won it back and then some. On the statements and transactions page of DraftKings, my total winnings are 570k, and my losses are 530k. Can you clear things up for me? What amount will I owe taxes on? My understanding is that I will be taxed at a Higher RATE due to my winnings being so much, BUT I will only be taxed on the $40,000 net profit. Is this correct? Thanks in advance. I lost sleep over this last night worrying.
So would we be getting taxes on “net total” or just winnings in general?
So how much would I owe if I won a total in profit of 5740 at one point and these past 3 weeks I’ve lost a total of 4450 ? So basically now I have made 1290. Would I need to pay taxes for that 5740 I won still?
So if I made $20,600 in winning bets but lost $20,000 in losing bets. I had a net of $600. I pay taxes on $20,600 if I took the standard deduction?
So basically it’s not worth gambling 😂
Start at 2:00
I’m up 500 on 4 sports book apps. I never did any huge bets just a spreads and over unders do I have to report this on taxes?
what if I am tourist in USA? Do I have to pay tax on winnings?
You're special good. I wish I'd have met you 40 or 50 years ago. But wait you weren't even a zygote 40 or 50 years ago. Excellent explanation.
Basically if your Sportsbook doesn't notify you or withold any winnings you're not turning a profit lol
Let’s say you loose 1100 dollars but you made 1000 dollars. How much would you have to pay taxes on that?
Thanks