Tax Forms

[vsquare]

Hi,

I need help on how to get/file tax forms for my winnings from gambling.

I may have won about a total of $1500 last year across multiple legal books in NJ
DraftKings
FanDuel
BetStars
PointsBet
Sugarhouse
888Sport

I do not see any tax forms in any of my account info in those websites.

I have contacted the customer service for each of the bookies and was told that not all customers get tax forms.

[RudyRuetigger]

you writing down 1500 will probably draw more red flags than writing nothing down

SAD BUT TRUE




luckily i always lose to avoid these situations

[vsquare]

I thought IRS has access to the information as these are regulated and legal books in NJ now.
Writing down 0 (when I won about 300$ from each bookie) would already raise flag. Isn't it ?

I thought legal books are supposed to give the tax forms. so that i for filing.

you writing down 1500 will probably draw more red flags than writing nothing down

SAD BUT TRUE




luckily i always lose to avoid these situations

[hankcream]

Did any of them send you a 1099 form? If they didn't you don't have to claim the winnings because they weren't reported.

[vsquare]

Response from one of the bookie customer service :
**************************************** ************************
If you are looking for your w2 and it is blank/doesn't contain any information this is because we would have only generated a W2G if: Any bet which resulted in proceeds of $600.00 or more where the winnings were at least 300 times the amount of the wager. example : wager $2.00 and you win $600.00. Please note that this information may not be available on the app, you would need to use the desktop site or mobile browser.

When a wager pays more than $600 at odds of 300 to 1 or greater:

The Sportsbook will mail an IRS form W-2G to the customer, completed for each qualifying wager.
W-2G forms are generated automatically when the subscriber meets the reporting criteria.
Copies are sent to the IRS and to each customer’s state of residence.
When a wager pays out $5,000 or more with odds of 300 to 1:

25% of the total payout is withheld and remitted to the IRS in the customer’s name.
W-2G forms are generated automatically when the subscriber meets the reporting criteria.
Copies are sent to the IRS and to each customer’s state of residence.
If you need additional copies of any W2Gs or year end reports you can find them on the desktop site.
**************************************** **********************************

None of my wins so far is over 600$ in a single bet.
What is not clear to me is if I should be consolidating all my wins and losses ( even if they are as low as a $ each) , sum it up and report grand total as total win in 1099-MISC form myself ?

[RudyRuetigger]

I thought IRS has access to the information as these are regulated and legal books in NJ now.
Writing down 0 (when I won about 300$ from each bookie) would already raise flag. Isn't it ?

I thought legal books are supposed to give the tax forms. so that i for filing.

i dont know about sportsbooks

i know that fantasy sites only sends out forms if you win $600 or more

less than that, they are not required to send tax info...you are just supposed to report it on your own

[vsquare]

No bookie sent me a 1099 form yet.

Did any of them send you a 1099 form? If they didn't you don't have to claim the winnings because they weren't reported.

[RudyRuetigger]

when i say $600, it isnt just for one bet

you could win $20 35 times over the year and still get a form

like i said, maybe it is different for sportsbooks

someone will help you

im sure others are going through similar this year in NJ

[eaglesfan371]

IRS is not notified and will not go asking casinos about if you won unless you start raising immense flags like constant 10k+ cash deposit transactions involving casinos.

As someone said, only way IRS is notified if 300 to 1 or greater parlay/future payout or profit of $5000 or more.

IRS knows 99% of people lose in gambling, they aren’t going to waste time on you.

[eaglesfan371]

i dont know about sportsbooks

i know that fantasy sites only sends out forms if you win $600 or more

less than that, they are not required to send tax info...you are just supposed to report it on your own

That is different and might change. Fantasy sports, before Supreme Court ruling was not ruled gambling and thus the income was treated as 1099-miscellaneous which must be reported if $600 or more net earnings in a year. Similar to if you win a free drawing somewhere, $600+ is reported.

Sports betting is 100% gambling. Just like a poker tournament. $5000+ net earnings must occur for a W2G or 1099 to be generated.

[RudyRuetigger]

That is different and might change. Fantasy sports, before Supreme Court ruling was not ruled gambling and thus the income was treated as 1099-miscellaneous which must be reported if $600 or more net earnings in a year. Similar to if you win a free drawing somewhere, $600+ is reported.

Sports betting is 100% gambling. Just like a poker tournament. $5000+ net earnings must occur for a W2G or 1099 to be generated.

good info, thanks

[chico2663]

I thought IRS has access to the information as these are regulated and legal books in NJ now.
Writing down 0 (when I won about 300$ from each bookie) would already raise flag. Isn't it ?

I thought legal books are supposed to give the tax forms. so that i for filing.

At the race track you must win a total of 600 before you have to pay taxes. This is a 299-1 bet times 2 . Or if a trifecta must still be 600. I won 4000 in a race because i did a 20 box 1 time and didn't pay a dime on it because the it was under the thresh hold. Good luck in your endeavors.

[sweethook]

only way its fare is we need a head tax , every head should pay the same amount

[SharpAngles]

I just pay RudyRuetigger 10% for his losing bet tickets to offset my wins. Haven’t been audited yet.

[eaglesfan371]

I just pay RudyRuetigger 10% for his losing bet tickets to offset my wins. Haven’t been audited yet.

I actually imagine people digging thru trash has been an issue at some AC sportsbook/racetrack.

[RudyRuetigger]

I just pay RudyRuetigger 10% for his losing bet tickets to offset my wins. Haven’t been audited yet.

waiting on that 2k sbrpoint payment

thanks in advance