- Joined
- Dec 28, 2014
It depends on the kind and size of the transaction or bet and your record-keeping. If you win a threshold amount in a single bet, like $1,200 specifically from a single bet on a slot machine, the casino is obliged to issue a W-2G and the government gets that, so you have to keep records of losses so that if you do in fact lose that immediately, you can offset that.You can't be taxed for gamba winnings that you immediately lost. You never really made that income. The grandma in Reno who won $500 at nickel slots and lost it allover the rest of the weekend ain't paying taxes on that $500, no one is coming after her over it. Same thing for Bossman going up to 30 banderooskis and losing it all
over the next ten minutes
Sketchy online crypto casinos generally don't do this, though, and opinions differ on how to treat them. At least one accountant/professional poker player has expressed the opinion that a taxable event on an online gambling site like a poker site is a per-session win, i.e. if you open up four tables and play for an hour and are up $500 at the end, that's the taxable event. I'm not sure whether the issue has been resolved.
(Or of course you could do what a sketchy dude I once knew did and after a win visit a horse racetrack and collect people's discarded losing bet slips. I mean, it would be illegal. . .but you could.)
The judge will jump up and yell "Case DISMISSED because defendant dindu NUFFIN!" Then sentence Evil Eddie to death.The courts will require him to make an apology video, it must be SINCERE and GENUINE. Once the REAL and RAWness of the video has been verified by a state appointed hostess he'll be allowed to go free and return to streaming and smoking rock.
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