Online gambling - Wikipedia, the free encyclopedia. William Hill: Online Gambling at Its Best Its no overstatement to say weve got online betting covered.
I believe everything here is correct, and I cite my sources very well, but it's always prudent to check with a tax specialist about tax questions.
You don't have to keep track of anything, you just use 6000 as your deduction, even if your actual expenses were more or less.
Morrel Jr., CPA gambling JD) W2-G forms If you hit for 1200 or more on a slot machine (or 600 at the horse track, or 1500 in keno then the casino will give you a W2-G form.
( Forbes, in the comments) Itemizing Deductions Have you never really understood what it means to "itemize deductions"? Then let's clear that up right now.
If you hit it, then neither you nor the casino has to fuss with the W2-G form. You get the W2-G only for single wins of 1200.