Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Now, with a lot of those sports bets, the threshold is really high.
The win will be reported if the odds were 300 to 1 or greater, and the winning is more than $600.
So that's a pretty high threshold.
Let's talk about how it works for casual gamblers.
It means people who are not professional gamblers.
If you're a normal, ordinary gambler, your winnings are taxed as ordinary income at ordinary income rates like wages.
However, when it goes on your tax return, it goes on line 8B of Schedule 1 as gambling income, gambling winnings.
Well, this is really important because gambling winnings are ordinary income on one part of the return, but gambling losses can only be deducted as an itemized deduction on Schedule A. This is where you deduct mortgage interest and medical expenses and state and local taxes.
There's also a place to put in gambling losses.
Let's say you have $7,000 of winnings.
and $7,200 of losses, then $7,000 of your losses would be deductible against your winnings, assuming that you itemize and can do this.
But there's a real catch here, J.R., and it is that since the tax overhaul of 2017, very few people have itemized their deductions.
The people who itemize have gone from about a third of taxpayers to probably less than 10%.
So what that means is that if you're gambling online, doing sports betting, you could be in a position where all of your winnings are taxable, but your losses are not deductible.
Yes, it does.
In 2017, the tax overhaul about doubled the standard deduction so that for this year, it's over $13,000.
Now, you take a young gambler, a male in his 20s or something like that.
He probably doesn't have a mortgage.
He doesn't have anything much but his gambling losses.
And so he'll take the standard deduction, but he won't get a specific break for his losses in that case while his winnings are still taxable.
Showing 581–600 of 5,937 · page 30 of 297
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