Question by seadog: If I win over 3000 gambling but bet 4000 and loose 1000 for the year do I have to report anything on my taxes?
If I win over 00 gambling, but bet 00 and loose 00 for the year do I have to report anything on my taxes? It wasn’t 1 big win. Most wins and losses were widely spread out. Do I need to send proof that I lost more than I won with my taxes? All my wins were under the “tax radar”.
Answer by whitney
you can only claim the amount that you lose up to your winnings amount… and be sure you have a record of your losses, for example players club cards keep a record. and yes you are required by law to report your winnings, although most rarely do
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