Question about taxes when playing on legal sportsbook sites in NJ like draft kings

[JohnAppleseed]

Question -- when you win using a legal site and playing in a state thats legal, and you win, are you subject to those winnings getting reported by the state?

When you go up to a window in a casino and make a play and win $1000 as an example, you take the 1K, put it in your pocket and go home, but are these "legal" sites reporting what you win to the IRS type of thing?

Just curious how it works....can you elect to "pay" your tax and have them withhold some of it right there on the site?

Obviously they know your name, etc so wanted to know if anyone has experienced/knows about how this works.

Thanks

[MC PICKS]

[eaglesfan371]

No

Only wins that result in a payoff of $5000 or more

Or

Over 300-1 odds payout (such as a large parlay)

Are reported to IRS. You will receive a W2G if this happens.

Standard $10,000 cash in a day will trigger a CTR being filed.

[lonegambler23]

lol worry about hitting it big first guy

[TheMoneyShot]

2 posts from September 2018.... Guy worried about taxes?

Come on man

[JIBBBY]

Report your winnings like a business.. Pay your taxes..

We all enjoy our street lighting at night, law enforcement when needed, streets paved and sidewalks kept clean. Public schools are nice and free.. Etc..

That's what a portion of your taxes pay for.. Bite the bullet, claim and pay.. BE A TEAM PLAYER!!! You'll feel good about yourself in the end if you think of it that way.

Also - The more taxes you pay every year that just means the more money you made in that year.. That's a good thing celebrate!!! Not a bad thing when you look at it that way..

[eaglesfan371]

Report your winnings like a business.. Pay your taxes..

We all enjoy our street lighting at night, law enforcement when needed, streets paved and sidewalks kept clean. Public schools are nice and free.. Etc..

That's what a portion of your taxes pay for.. Bite the bullet, claim and pay.. BE A TEAM PLAYER!!! You'll feel good about yourself in the end if you think of it that way.

Also - The more taxes you pay every year that just means the more money you made in that year.. That's a good thing celebrate!!! Not a bad thing when you look at it that way..

Until tax law is fair to gamblers, I refuse to pay unless it is reported.

What do I mean by fair? If I lose $10k in 2019 and win $10k in 2020, I owe tax on the 10k in 2020 and cannot write off the $10k loss.

Similar to business and investment losses, you should be able to carryforward gambling losses (if you can provide actual receipts and W/L ledgers).

Also, my tax dollars are not going to paving roads. Here in MD and DC, the roads are absolute SHIT