Player Card Sports
March 24th, 2014 at 4:15:25 PM
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I get a 2-3 taxable slot wins per year.
I have the ability to accumulate my losing sports tickets to offset those wins in my tax form
If I use a sports book players card.....is my account of net wins/ loses available for the IRS to see?
I have the ability to accumulate my losing sports tickets to offset those wins in my tax form
If I use a sports book players card.....is my account of net wins/ loses available for the IRS to see?
March 24th, 2014 at 4:24:50 PM
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My understanding is that they do not furnish that info to the IRS unless they are required to by law (in which case you will get a W2G).
However -- if they IRS formally asks for it, you can bet your ass that they will.
IMO doing anything other than reporting everything (all wins and losses, whether you get a tax form or not) honestly (in which case, you don't care if they have access to it or not) is simply not worth the risk.
If you get audited, you will get caught, for sure. If you only claim sports betting losses and no sports betting wins, no IRS agent is going to believe that. Claim 20 losses and no wins? Yeah, right. Good luck with that.
However -- if they IRS formally asks for it, you can bet your ass that they will.
IMO doing anything other than reporting everything (all wins and losses, whether you get a tax form or not) honestly (in which case, you don't care if they have access to it or not) is simply not worth the risk.
If you get audited, you will get caught, for sure. If you only claim sports betting losses and no sports betting wins, no IRS agent is going to believe that. Claim 20 losses and no wins? Yeah, right. Good luck with that.
