The IRS has clear-cut rules on gambling income that predate the recent explosion of the sports betting industry.
some gambling losses if you itemize, that deduction can’t exceed the amount of your winnings.
The statement is known as the W-2G, and it includes an overview of your gambling winnings, along with any withholding you elected when you gave the establishment your tax information. Similarly, the coworker who organized your office March Madness bracket pool is unlikely to send you and the IRS records of your participation.
Another consideration: if you’re a professional gambler who makes a good chunk of your living from placing bets, you may have more freedom to deduct your losses. This, however, requires a whole other tax approach that may not make sense for casual gamblers.Another factor to consider when writing off gambling losses is that while a casino or sportsbook might send you a record of your gains, they’re unlikely to break down what you lost.
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