"Pro" Gambler: declaring your winnings on your taxes

goblue12 · Feb 10, 2011

Is there someone who can help me with this?

I made a significant amount of $$$ betting on sports in 2010 and would prefer reporting it rather than facing la musica if an audit were to happen.

I'm a college student so this is my primary source of income, technically making me a "pro".

A Private Message would be fine if this subject cannot be discussed in an open forum.

Betallsports · Feb 10, 2011

JMHO, as a college student ... I wouldn't

oldmanTED · Feb 10, 2011

Unless you received a W-2G for your gambling winnings, the IRS will have no knowledge of your success and if you are going to declare your occupation as a professional gambler, then you should have kept records of your losses to offset your gains.

goblue12 · Feb 10, 2011

It's not as simple as "Here's a number I came up with after I subtracting my (bank) withdrawals from (bank) deposits"?

FWIW I went through my statements yesterday and have that number.

I didn't receive a W-2G, but isn't that standard for off-shore companies?

oldmanTED · Feb 10, 2011

goblue12 said:
It's not as simple as "Here's a number I came up with after I subtracting my (bank) withdrawals from (bank) deposits"?

FWIW I went through my statements yesterday and have that number.

I didn't receive a W-2G, but isn't that standard for off-shore companies?

That's the point. No Offshore book will ever send a W-2G to you.

Defying · Feb 10, 2011

Glad to hear of your success, but theres absolutely no reason to claim them. As a college student you won't be audited anyways, and offshores don't work with US gov. I understand you want to do the right thing, but until the gov. legalizes gambling theres not point in claiming...

You will be fine...

If you were selling picks, or running some sort of legal business in the US that had to do with gambling, then it would be necessary to file. But otherwise, you are fine. don't worry about it.

If it would make you feel better, you can send me money to pay for my taxes, all goes to Uncle Sam the same way.

bigbet1234 · Feb 10, 2011

How much is a lot?

Dante · Feb 10, 2011

bigbet1234 said:
how much is a lot?

$200,000?

bigbet1234 · Feb 10, 2011

As a college student you are find. If you make large cash deposits in to your bank account claim it.

I always claim it, better safe than sorry. Keep detailed records of wins/losses.

bigbet1234 · Feb 10, 2011

Doubtful, if so, best claim something. lol

Dante said:
$200,000?

djmatt · Feb 10, 2011

Disclosure: college student wins this year, gives back the winnings then some next year.

I'm not to knock your success, but if you claim winnings now you'll be on record and in all probability you will lose long term, and its a headache more work then you need to do come april

RenoChazz · Feb 10, 2011

you should claim it, if it's a significant amount, The gov may get curious as to how you got 200k in your bank account and assume you are a criminal. It's pretty easy there's a spot to claim gambling winnings when you file. Trying to claim gambling like a small business so you can claim years with losses is near impossible and only worth it if you're a big time poker player that needs to claim travel perdiem and lodging. As a sports gambler just claim it as gambling winnings they'll take a less percentage of it vs claiming it as a legitimate business where you have to pay taxes and social security and other things. It'll also look good when getting credit when you claim it as income. If it's not a significant amount and you aren't a consistent winner at smaller stakes in years past then I wouldn't claim it. Some will say not to claim it but then you'll always be looking over your shoulder. The big question is what is the magic number? how much is too much? If you're bringing in more than 5k every month you should claim it. JMO.

doubledeuce22 · Feb 10, 2011

you're crazy if you claim it.

HuskerFan1 · Feb 10, 2011

dont claim it keep it stashed in the floorboards make small deposits in your checking account and just use the money to pay your bills...

my roommate said the other night (about SB squares) how your supposed to claim if you win, it was brought up b/c i have family members who buy 1k squares, there's different pools based on every score change etc. would anyone in there right mind claim 60K from a SB square they won if you had the final score. id make a few hundred deposit every week and just use the money for gas, food, bills etc....noway in hell would i give uncle sam any piece of that money...

ALSportsJunkie · Feb 10, 2011

Don't claim it. You will probably be giving it all back in the next couple of years anyway. I somehow doubt you got any checks over 5k, however, if you did you should keep your withdrawals to a 1k to 1.5k max IMO to avoid any scrutiny at the bank.

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