FAQ: Taxes on Sports Betting | Tax Prep Advice for Sports Bettors w/ Richard Gartland

[@anthonythornhill8715]

Great video. Very timely!

[@epickidgamer9335]

I won over 80k.off of 3 bets on fandual they automatically took.taxes out federal. For some reason my return up. They did hold over 30k off that

[@michaelbellmyer8615]

I have seen guys walk out of the casino with thousands not taxed and smaller wins taxed. when i asked i was told by several casinos that the win is taxed on higher odds wins (+300) or greater. the lower bet/ higher odds bets are the ones i have seen get the w2g and need to sign after taxes were taken. Maybe the irs requests everyone to be more honest than the government but i don't think anyone is volunteering to pay more taxes and without that w2g they would have a hard time proving you won anything.

[@dudesmart3777]

What if you leave your winnings in the account on the betting app and you do not transfer money into the bank account is this capital gains if left into the account?

[@BlindJustice07]

We were waiting for so long to legalize the sports betting, for this robbery! Besides losing you also have to keep paying the irs, because at the end of the day, that's what it is. Then if people go back to the shaddy they won't like it.

[@dcaporizzo]

Hey what if you placed a couple tickets at a Sportsbook in the middle of December but it's a on the other side of the state and you won later that night while you drove back home. You don't cash it until you go back in 2023??? What years if that for?

[@addisonsheble8093]

When you talked about the 600 dollar threshold are you referring to net winnings?? (Subtracting losses from wins) or do you mean 600 dollars period, without taking into consideration the amount lost?

[@bryanhunkley9742]

$600 winnings, period. You could've lost $1,000 in addition to the $600 won, you'll still get a 1099 (for on-line sportsbooks at least) & so will the IRS. If you itemize your deductions (which most of us don't anymore) then you could claim the $600 of the $1,000 lost as "other" deductions. If you don't itemize then you still have to pay tax on the $600, even with $1,000 in losses.... it's a F'ing joke.

[@AllAroundArsenault]

⁠@@bryanhunkley9742this is true for DFS only. When it comes to a Sportsbooks DKs, FanDuel, etc, do not issue a 1099. That came directly from DraftKings customer service.

[@sickboy921]

2 years old, but the other guy who replied was wrong. Most apps and sites refer to net winnings

[@michaelbellmyer8615]

I think that $600 limit is for horse racing and normal lotto. You can win up to $1199 on a single event on the slot machines before it is taxable. Why would the casinos build sportsbooks and everything around it if they had to do paperwork for every $600 win. they would need lots more staff to just issue w2g's all day.

[@bryanhunkley9742]

IDK about in-person sports books, but on-line sportsbooks the threshold is $600 to get earnings reported. Threshold for selling on-line (i.e. eBay, Poshmark, Etsy, etc) was just changed to $600 recently, used to be $20,000 before earnings were 1099'd. Casinos also have different levels for different games, poker for example the threshold is still $5,000 I believe on the federal level

[@clackin9155]

What if you’re at a net loss and it outweighs your net winnings. Does that count as a profit and I must pay taxes even tho you have lost money overall ?

[@ChalkyBets]

Can you deduct/write off money spent on purchasing betting picks or advice?

[@HDGAMES1]

I won over $7000 on sports but they deducted 2000 do I have to pay tax on it or reported to the irs

[@jruerph]

Yep, it’s like a job. You pay taxes every payday but still may need to pay more or get a refund.

[@stevenburrell5628]

Very helpful

[@Maleick]

TikTok sent me to the channel

[@dcaporizzo]

Please anyone help me with that question.

[@dannygalindo6918]

He literally answered the question in the video