How Taxes Work for Sports Bets From Sites Like FanDuel and DraftKings | WSJ Your Money Briefing
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- Опубліковано 2 лип 2024
- In 2022, legal sports wagers on sites like FanDuel and DraftKings totaled $93.2 billion.
Wall Street Journal tax reporter Laura Saunders joins host J.R. Whalen to discuss tax rules that sports bettors sometimes overlook.
0:00 IRS and sports betting
1:12 How winnings are taxed
1:40 How losses fit into taxes
3:59 Could you be audited from gambling?
4:25 Gambling at casinos and taxes
6:35 What CPAs and tax advisors say about gambling
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#SportsBetting #Gambling #WSJ
It should be illegal for them to tax gambling. I’m betting my own hard earned money not them
0 tax in the UK if you win money through gambling.
So 100% tax then?🤡
@@huntr1998 If 0 = 100
I believe that you report your winning gains. If you bet 500 and win a 700 slot jackpot = you report winnings gains of 200 on taxes. Must be in a session (a bit complicated) and must keep records
US tax laws should be enough to discourage all Americans from gambling
no lol. Capitalism. Many states promote lottery. also it will hurt resort, casino and gambling related business. i saw tax should be based on winning amount.
I'm not addicted, I'm committed...
You’re committed, I am dedicated…. Few…
Just simply explain most people never make a profit and never owe taxes, and the majority above that eventually lose and have a zeroed out tax basis
I agree. Just get to the point and explain the main points. Don't ramble
But that's not what she's saying. If you have 7k in winnings and 8k in losses, you either have to pay the taxes on the 7k or give up the standard deduction so you can offset the losses
@@sachinnair1613 You already are betting on negative ev games so why does the government need to get involved with gamblers that are guaranteed to lose in the long run? Just makes it easier to lose their money quicker. Its disgusting.
Who knew
It is 100% illogical to have to pay tax on your initial stake. That claim doesn’t even make sense in the most basic sense. You bet $1000 on a favored home team to win $250 how in the everloving f can you claim you’re taxed on 1250 (wager + profit). That tax would be more than your “winnings” in the first place! That’s not only illogical, its punitive and a bad faith argument to even make. That makes no sense. Winnings are ordinary income but winnings do not include your returned capital bc thats not your winnings. Whoever says gross winnings include initial stake doesn’t understand sports betting bc that makes 0 sense. Even when you bet on Fanduel, it says “to win ___” and then your total payout includes winnings and wager. Then u go under settings and “total winnings” includes wager. That’s disingenuous and nonsense on multiple levels
how? digital gambling is more complex where hackers scam
I’m confused so I won’t some money and lost some on draft kings and I’m down for the year do I still have to pay taxes on the winnings
Nah if ur in the red you dont have to worry about taxes. If your up for the year then you gotta pay.
@@Mundanesoup4you positive about this? I am worried about this as well. I’m also down. 7k in wins 7.5k in loses. I think anything 5k (winnings) then you need to report.
@jay3251 if your in the red for the year then your good(not really lol) but if your in the black then they will send you something either by mail or through the app/site itself.
this is flat out false, your gross winnings are taxed and you cannot claim losses unless you forego the standard deducation and do itemized deductions when you file taxes. This is why it literally it most likely not worth it, and in fact damaging, for the "regular" small dogs to do any sort of sports betting. The taxes make no sense and are completely silly@@Mundanesoup4
@@jay3251as long as you can prove the loss yes, it’s deductible . it’s reported so you best be sure to file it along with your deductible losses cause those don’t get reported by gaming companys
as a Can do the same with keeping your losing state lottery tickets if you win more than the instant cashing threshold.
Gambling problem is getting worse in America, stock market and sport anything you could bet on it
I do sports betting all the time. But I stopped filing taxes 2 years ago. Im just gonna immigrate in a few years. Not giving the government money when they wont even give me comprehensive government healthcare in exchange. Go find the money elsewhere cuz idgaf.
Real.
Stay away from sport betting, I lost more than $5300 on sports betting last year
You clearly don’t know sports bud
It's fun and addictive, I won't lie. That's the problem.
Sports betting is rigged. Been doing it for six months. I'm even, but I've seen some shady stuff. I just do it for fun.
In the NBA for example, a lot of bad passes are intentional. Yup!
That’s why you should bet on TO instead 😂