Quote:
Originally Posted by madzero
Hi everyone !
I have question that needs to be cleared about Bovada sports gambling online. I'm living in Florida. I recently bet and won on bovada.lv website around over 3k$ on world cup soccer, I deposited money from my credit card. Then, I cashed out a check worth 2k2$ and put it into my bank's account. However, since I got the check, I just kept losing money from betting and kept depositing more onto my account. So, my question is : do I have to fill out my 2k2$ check of my winning gambling on taxes ? If I do, how do we double check that how much we won and how much we lost during the year we have played gambling ? anyone has been through this situation please tell me how to deal with it ! I really appreciate that and thank a lot to you all.
The check is irrelevant. You owe taxes on the 3k you won. Your losses cannot be netted. Your losses can only be deducted on a Schedule A form for itemized deductions. In many cases, unless you have a lot of gambling losses, taking your standard deduction and just eating the gambling losses will be more profitable.
If that confuses you at all, post this question in the Poker Legislation section. There are posters there that are much better and more knowledgeable than me at explaining tax laws.
Good luck.