If I win over $3000 gambling, but bet $4000 and loose $1000 for the year do I have to report anything on my taxes? It wasn’t 1 big win. Most wins and losses were widely spread out. Do I need to send proof that I lost more than I won with my taxes? All my wins were under the “tax radar”.
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you can only claim the amount that you lose up to your winnings amount… and be sure you have a record of your losses, for example players club cards keep a record. and yes you are required by law to report your winnings, although most rarely do
i think i’d report my net gambling winnings [zero] as “Other Income” on form 1040, line 21
and keep your records
Legally you have to claim your winnings, whether it was one big win or several small ones. You can only deduct losses up to the amount of your winnings, and then only if you itemize and if you have the required documentation.
you have to be able to prove your losses – there is no deduction for losses – if you never got a 1099 for winnings – you don’t have to declare anything
You are required to report the $3000 on line 21 of form 1040, annotating gambling winnings on the line. You might be eligible to deduct the amount of your loss, up to $3000 (your winning) on your schedule A, under misc deductions, if you itemize. If you do not itemize, you cannot take the deduction. You may be required to show evidence of a loss of you are audited. Go to http://www.irs.gov and type in gambling winnings in the search engine.