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So you won some money at gambling, and you want to know if you have to pay the Government, income taxes on your winnings. Well, the short answer to that is yes, but there are some exceptions to the rule.
If you had gambling winnings you’re required to report them as other income on IRS Form 1040. The tax rate for online, internet and sports gambling winnings is the same as your regular income.
If you had gambling losses you are allowed to deduct what you lost, up to the amount that you’ve won. You are not allowed to deduct gambling losses that exceed your winnings, and you are not allowed to carry-over your losses from one year to another.
A Form W-2G is used to report gambling winnings from, internet, online, casino, sports betting, horse racing, lotteries, bingo and other legal gambling activities.
You’ll receive a Form W-2G if:
- Income taxes were withheld from your winnings
- You won at least $600 or more and your winnings were at least 300 times the amount of your bet
- Your winnings were from a slot machine or bingo in the amount of $1200 or more
- Your winnings were from keno in the amount of $1500 or more.
How to deduct your losses from your winnings
In order to avoid paying gambling tax you’ll need to itemize your losses on Schedule A tax form (itemized deductions). As with most itemized deductions you are required to keep a record of gambling winnings and losses. You should keep the date, time, type, place, tickets, receipts and any other records you have as proof.
By keeping accurate records of your online, internet and casino gambling you can pay less tax when you win. When you pay less gambling tax, you win again!
Have you ever thought that it’s possible to make a lucrative career out of gambling on the Internet? I have a friend who has a hobby of playing poker through an Internet gambling site when we were in college. He began to win consistently and began make a bit of money over the next couple of years.
He also began spending more of his time on Internet gambling sites. Gradually, he began to get better and began to know which players he could defeat and created an effective winning strategy. He was even able to bankroll his friends into playing so that he could earn more money.
After he graduated from college, he received an offer from the headquarters of a large bank and started working in the corporate world. However, he realized after a few weeks that he did not like working for a company.
He began to think of the possibility of making Internet gambling his true career since he was still playing regularly and making good money. He decided to quit his job and ran with the idea.
He shared an apartment with a friend who was a medical student and continued to stay up practically all night playing poker online. Even though, he was not making outrageous money at the time, he was still able to pay bills and live comfortably by wagering his money through Internet gambling.
Most of his friends were quite jealous of his gambling ability and initiative to actually make this a reality. Careers like working in a bank, going to medical school, and being a consultant certainly were not as entertaining as playing online poker. He decided to moved back home for awhile to save some money and to be able to “focus” more on Internet gambling.
After three years, he is making over $100,000 per year through his internet gambling “career”. He also gets free trips and comps in Las Vegas in actual casinos as rewards for playing online. He has even received job offers from online casinos to work behind the scenes.
He declined their offers because he is not ready to give up Internet gambling. He told me that he has no plans in taking any sort of corporate job any time soon. After all, he really has no need to since he has found something he loves to do, and has made it his career.