I'm going back to Youwager and also Pinnacle for MLB.
As probably already discussed here, all US SportsBook payouts are taxable and your losses don't count, unless you itemize. I am MFJ and could never write off more than the standard deduction. Also the loss write-off rules are a joke.
So if you lose $10,000 throughout the course of the year and then win back $5,000 you have to pay taxes on the $5,000. If you have a decent job and are in the 24% (or higher buckets) your paying $1,200 in taxes on those $5K winnings - despite the fact that you are net -$5,000.
Knowing this I still started this NFL/MLB playoff season with deposits to FD, HardRock and recently ESPN Bet before they changed the name. I am about to withdraw about $1,000 each and leave a little in for NFL playoffs.
All in all I should not have to pay taxes because I am at break even, maybe even down a few hundy.
Is there a way to withdraw, that may save the G5 or whatever the form is that reports the 3 $1,000 payments as income?
Going forward for 2026 I am going back to YouWager and Pinny using BTC or the stupid money gram probably.
Any thoughts and lastly, why would anyone in their right mind play when the vig on any winning is between 4X-5X the normal vig and losses don't offset?
The pen is mightier than the pigs
To remove first post, remove entire topic.
I'm going back to Youwager and also Pinnacle for MLB.
As probably already discussed here, all US SportsBook payouts are taxable and your losses don't count, unless you itemize. I am MFJ and could never write off more than the standard deduction. Also the loss write-off rules are a joke.
So if you lose $10,000 throughout the course of the year and then win back $5,000 you have to pay taxes on the $5,000. If you have a decent job and are in the 24% (or higher buckets) your paying $1,200 in taxes on those $5K winnings - despite the fact that you are net -$5,000.
Knowing this I still started this NFL/MLB playoff season with deposits to FD, HardRock and recently ESPN Bet before they changed the name. I am about to withdraw about $1,000 each and leave a little in for NFL playoffs.
All in all I should not have to pay taxes because I am at break even, maybe even down a few hundy.
Is there a way to withdraw, that may save the G5 or whatever the form is that reports the 3 $1,000 payments as income?
Going forward for 2026 I am going back to YouWager and Pinny using BTC or the stupid money gram probably.
Any thoughts and lastly, why would anyone in their right mind play when the vig on any winning is between 4X-5X the normal vig and losses don't offset?
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