Can you write off gambling losses?

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.

irs.gov - Topic No. 419 Gambling Income and Losses | Internal Revenue Service

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

Gambling Winnings

A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040)PDF), including winnings that aren't reported on a Form W-2GPDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

Gambling Losses

Nonresident Aliens

If you're a nonresident alien of the United States for income tax purposes and you have to file a tax return for U.S. source gambling winnings, you must use Form 1040-NR, U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens and Publication 901, U.S. Tax Treaties for more information. Generally, nonresident aliens of the United States who aren't residents of Canada can't deduct gambling losses. See As a Nonresident Alien, Are My Gambling Winnings Exempt From Federal Income Tax? to find out if your gambling winnings are exempt from federal income tax. For additional information on withholding on gambling winnings, refer to Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

Recordkeeping

To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions for more information.

For additional information, refer to Publication 525, Taxable and Nontaxable Income or review How Do I Claim My Gambling Winnings and/or Losses?

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What's the most someones won on FanDuel?

An unnamed FanDuel user might now be the world's biggest Coke Zero fan. The person submitted a $13.49 free bet parlay on FanDuel from a promotion on the Coke Zero 400 Nascar Race on Sunday that won, netting the user nearly $1 million.

benzinga.com - FanDuel User Wins $1M On $13 Four-Leg Parlay - Benzinga

An unnamed FanDuel user might now be the world’s biggest Coke Zero fan. The person submitted a $13.49 free bet parlay on FanDuel from a promotion on the Coke Zero 400 Nascar Race on Sunday that won, netting the user nearly $1 million. Most sites like FanDuel, Draftkings Inc DKNG, MGM Resorts International MGM and Caesars Entertainment Inc CZR will offer free bets to users to capture market share. Ben Fawkes, a content producer at VSiN, shared a screenshot of the bet slip and confirmed the bet is legitimate. Other Twitter accounts claimed the bettor is from Michigan, but at press time it does not look like the winner has been identified. The bet was a four-leg parlay, meaning all four bets needed to hit for the bet to win. If just one of the four bets would have lost, the whole bet would have been worthless. All the bettor’s picks were for different drivers to finish in the top 10. He had Cody Ware +2000, B.J. McLeod +2000, Landon Cassill +1500 and David Ragan +950. The total payout on the bet was $999,433.63. Of course, the bettor will be taxed on the winnings, but that’s a good problem to have.

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