Getting Your Taxes Right This Year



With this year's tax season in full swing, it's time to think about some of the ways that the average (and not so average) gambler can stay out of trouble with the IRS...

With this year's tax season in full swing, it's time to think about some of the ways that the average (and not so average) gambler can stay out of trouble with the IRS.

Questions like " Can I claim my losses?" or "How do I claim my winnings?" (Don't smirk, you know you should...) are frequently asked of us.

The one thing that we know is that you can only offset your winnings by claiming documented losses. You can only deduct losses up to the amount of your winnings. In other words, if you had to sign for $2000 and you had losses of $5000, you can only use the losses to offset the winnings; you cannot deduct the additional $3000 in losses.

While we here at the OSGA strive to offer the best advice we can give, the most important advice we can offer you, is to speak with your accountant or tax service for the latest changes in tax laws. Listed below are a few articles that can help you make the most of this years losses, or at least, stay in the good graces of Uncle Sam.  Claiming your winnings and correctly deducting your losses can save you a lot of aggravation in the future...


Straight from the IRS:
irs.gov - Topic 419 - Gambling Income and Losses

Gambling Winnings Are Always Taxable Income


OSGA Articles:

New Tax Rules for Gamblers? You Bet.

Don't Risk an Audit: Know the Rules on Gambling

The IRS and Gambling Taxes

No Withholding Taxes on Poker Tourneys

How is tax on gambling winnings versus the losses done on tax form?



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