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-   -   Reporting Online Poker winnings (https://www.askmehelpdesk.com/showthread.php?t=798129)

  • Jul 31, 2014, 03:19 PM
    PokerPlayer123
    Reporting Online Poker winnings
    I play online poker in NJ (Where it's now legal). I expect my profit this year to be between $10,000 and $20,000. Do I simply report that amount as "gambling winnings", and roughly what percentage will I owe (If that can be answered)?
  • Jul 31, 2014, 03:26 PM
    ScottGem
    The sites you play at should be sending you a 1099G at the end of the year. They are required to by law if you have winnings greater than $600. You enter that amount as gambling earnings. You can offset whatever amounts you get on 1099G with provable gambling losses.
  • Jul 31, 2014, 05:09 PM
    AtlantaTaxExpert
    The same websites that provide the Form 1099-G will also provide you a statement of what you initially deposited as gambling losses.

    Also, if you gamble at brick-and-mortar casinos, the use of your player's card allows the casino to track your winnings and losses as well. In January, 2015, they will provide you a win-and-loss statement if you ask for it.

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