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"I turned £2,000 into £82,000 – then blew the lot in 10 ... The Guardian - Back to home. ... All this makes gambling seem a dark and destructive business, and, of course, it can be. But that's pretty obviously not the whole story. ... its winnings, in ... Establishing Basis for Gambling Losses - The Tax Adviser It is only by reporting all winnings (even if those winnings—in the form of “house money”—are re-bet and subsequently lost), that a taxpayer can establish a basis in all his or her losses.32 In Erbs, this would mean reporting $315,130.20 in winnings, plus $10,538 of jackpots, and deducting $341,766.95 in losses (limited to winnings ... How Are Gambling Winnings Taxed? | The TurboTax Blog Not all gambling winnings in the amounts above are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount. Starting with almost nothing, I made almost $500,000 gambling ...
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