![]() Let's say your net gambling income was negative, you had more gambling losses than gambling wins. ![]() ![]() If you are gambling for a living, you can deduct additional expenses to arrive at a loss. In other words, even if you had more gambling losses than winnings, you can't go below zero. Professional Gamblers Can Show a LossĪt no time can you show a loss on gambling income. This means you end up paying income tax on the net winnings. Now, the IRS is kind enough to allow you an offset against these actual winnings with your annual gambling losses. You must report the income regardless of whether you receive a form W-2G or not for federal income tax purposes. Gambling activities are all subject to income tax whether its from horse races, lotteries, sports betting, slots, poker tournaments, or other casino games. All income from is generally subject to income taxes, and gambling income is no exception. ![]()
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