Gambling Winnings & Taxes

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pennymcdonald

Member
I had a $30K casino win earlier this year, but over the last few months, I’ve racked up around $22K in losses. I know gambling losses can be deducted, but only up to the amount of winnings. I’m debating whether to pay estimated taxes on the full $30K now or wait until tax season and see how everything balances out. I don’t want to trigger any unnecessary IRS attention, but I also don’t want to overpay if my losses can offset the winnings.
Anyone here dealt with this before?
 
Yeah, but if you pay estimated taxes on the whole $30K, you might end up giving the IRS more than you need to. Just don’t be dumb about it
 
Honestly, it’s a gamble in itself! I’d wait and see how your losses pan out. You don’t wanna end up with a massive tax bill for no reason
 
hey! I totally get your worry. I won $15K last year but lost about $10K too. I ended up paying taxes on the full amount, but when I filed, I deducted my losses. It was a hassle, but in the end, I got a decent refund. Just make sure to keep good records of your losses. I think waiting till tax season is smart, but consult a tax pro if you're unsure
 
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