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
 
Yeah, I’ve been in a similar spot. You’re right — losses can only offset winnings, so you’d owe taxes on the net amount (in your case, $8K). Personally, I waited until tax season, kept solid records of all losses and wins, and filed everything with Schedule A. As long as your records are clean, the IRS usually doesn’t hassle you. Just be super organized. If you're unsure, maybe talk to a tax pro before sending in estimated payments.
 
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