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  • Unsure of gambling winnings and how to file tax

    I am a recreational sports gambler. I like to do it for fun and use Bovada. It has just dawned on me that I bet frequently and have no idea how much I have won or loss. I keep a tally at all times to know how positive or negative I am, but I don’t have a compressive list. I am starting to stress.

    Would you recommend I just use the net profit come tax time. I’m not sure there is any way to figure it out now.

    Any thoughts or response would be awesome.

    Thank you!

    MLD

  • #2
    I'm not familiar with Bovada but don't they keep a record of your previous bets?

    Topic No. 419 Gambling Income and Losses | Internal Revenue Service (irs.gov)

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    • #3
      Originally posted by MLD2021 View Post
      I am a recreational sports gambler. I like to do it for fun and use Bovada. It has just dawned on me that I bet frequently and have no idea how much I have won or loss. I keep a tally at all times to know how positive or negative I am, but I don’t have a compressive list. I am starting to stress.

      Would you recommend I just use the net profit come tax time. I’m not sure there is any way to figure it out now.

      Any thoughts or response would be awesome.

      Thank you!

      MLD
      Does the site not track for you? If not, can you look at money transfers and credit card activity?

      If you are "recreational" then I bet you won't have a profit to worry about.

      Unless the site reports to the IRS (which one would assume they will also report to you), no way the IRS is going to find it unless they start digging into you bank accounts, which effectively rounds to a zero percent chance unless you are doing something else naughty.

      Just start keeping track from here on out. Actually, come back here in a year and give us an update.

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      • #4
        You must have documentary proof of your losses to deduct from winnings.

        Originally posted by G View Post
        Unless the site reports to the IRS (which one would assume they will also report to you), no way the IRS is going to find it unless they start digging into you bank accounts, which effectively rounds to a zero percent chance unless you are doing something else naughty.
        Maybe it is just me, but doing the right thing isn't just about your probability of getting caught.

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        • #5
          Originally posted by spiritrider View Post
          You must have documentary proof of your losses to deduct from winnings.


          Maybe it is just me, but doing the right thing isn't just about your probability of getting caught.

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