Question by gambler: Do you have to report your gambling winnings even if you ended up losing overall.?
Say you win 10k gambling in one session early in the year. Then you lose that same amount (and more) over the entire year. Do you still have to report it as a 10k win, then deduct the loses or is it irrelevant at that point because I never won money over the duration of the year?
Answer by LegFuJohnson
Unless you are a professional gambler, then yes, technically you report the winnings in your income, then deduct the losses with your deductions. Depending on how your return is structured, you might end up paying taxes on it.
But if you have enough money to be winning and losing that much, I’d hope you are asking your tax guy, and not simply a Yahoo board.
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