Today TaxMama hears from Chet in the TaxQuips Forum, who is concerned. “I gambled online quite extensively last year. However have a large net loss for the year. I have only “cashed out” of my online gambling account twice all year. I haven’t done the math yet, but I know I have a net loss. I know that I am supposed to report winnings and losses, but I am concerned that if I report it as online gambling, I could get in trouble, as online gambling is technically illegal in the U.S. What should I do?”
Dear Chet,
I devoted quite a bit of time to researching the online gambling issue about a year or two ago. As of right now, online gambling is NOT illegal in the United States.
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Congress has been planning on passing legislation to define it one way or another – but have never quite gotten their act together.
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Read this article in MarketWatch.com – nothing has changed since I wrote it in 2009. IRS is not a problem for you. It will all hinge on your state. If your state doesn’t specifically make it illegal – it’s not illegal.
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The article will explain the issues and how to report the wins and losses.
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Essentially, you simply report the income as “Gambling Income” on line 21. Deduct the losses on Schedule A, Line 28 – under Other Miscellaneous Deductions. The deduction does not get reduced by 2% of your adjusted gross income. Good luck!
And remember, you can find answers to all kinds of questions about online gambling, and other tax issues, free. Where? Where else? At www.TaxMama.com.
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