Silver Charm Wrote:
-------------------------------------------------------
> Well said in that first sentence. For the sake of
> brevity, I wasn't specific enough.
>
> And yes, in that last paragraph, if someone has a
> $5K Signer today but won $6K gross. Only the $5K
> gets reported and the payor withholds 28%. So once
> you have $5K in losses only $4.5k (90%) of losses
> would be allowed so thats $500 taxable income net.
> If you want to report the other $1,000 well that
> up to you.
>
> Gambling winnings for things like large Parlays
> are reported.
> For sports betting, including parlays, the
> provider is required to issue you a Form W-2G if
> your winnings are $600 or more and the payout is
> at least 300 times your wager.
> However, even if your win does not meet this
> threshold and you do not receive a form, you are
> still legally obligated to report the income.
>
> Other forms of gambling are now legal and more
> popular. Horse racing was not being singled out.
> Hopefully that's clear and if not its not taken
> personally. Straighten me out

You assume that prior reporting rules will not change. It will be incredibly easy for them to change the reporting rules so that the wagering platforms are required to give you a year end w-2G for your gross cashes. Wish I was wrong, but it is the logical extension of everything we are seeing. how on earth could anybody fight such a new reporting rule. See my other post and consider the authority that Russell Vought has over the IRS.