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Do I need to report?
Do
I report to the irs
I won about 60k in total winnings on 1 casino app, But lost 65k in total. So losing actually 5K of my money
2 on a second app I won about 70k and lost about 77 k. So 7 k of my own money
Both apps told me I will not be receiving a w2. So do I need to report on my taxes since I have a net lost. Besides being audited how would the irs find out
3 Answers
- mercedesLv 74 weeks ago
Yes you do and you can take an itemized deduction for your losses up to the amount of winnings.
- Anonymous4 weeks ago
You get a W-2 G, not a W-2.
You have to list winnings and losses separately if you are a US citizen or resident alien. If you normally do not itemize, this can be a shock as the gambling losses are listed on schedule A. Your AGI will include the entire $142K.
- ?Lv 74 weeks ago
Yes, you are required to report your winninings, and then losses (up to the extent of winnings) are posted on your schedule of deductions. {The IRS has long arms and good intel.} go to irs.gov
