How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark D Your Own Question
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1249
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
8056330
Type Your Tax Question Here...
Mark D is online now
A new question is answered every 9 seconds

i won $5,000 lastnight on bodog.com online casino. i asked

Resolved Question:

i won $5,000 lastnight on bodog.com online casino. i asked them repeatedly in an online chat about taxes and they said they dont take anything out or send me a w-2 form. this is my first time winning anything this big and i dont know what to do
Submitted: 5 years ago.
Category: Tax
Expert:  Mark D replied 5 years ago.

Mark D :

Hello

Mark D :

Bodog and other sites do not (currently) withhold tax or report winnings to the IRS.

Mark D :

However, the IRS requires you to report all gambling winnings on line 21 of Form 1040. You can also claim an itemized deduction for losses up to the extent of reported winnings on Schedule A.

Mark D :

I am assuming you are not a professional gambler. Please tell me if otherwise.

Customer:

absolutely not. i had $10 in free bonus money and somehow i got luck and went to bed with $5000 in my account. i just want to do the right thing and not get into trouble

Mark D :

The legal action would be to report the winnings as decribed above.

Customer:

so just wait until i file my taxes and give my tax professional the pay stub from the check i receive?

Mark D :

You could do that, but you make want to check with them earler to see if you should make an estimated tax payment.

Customer:

check with who?

Mark D :

your tax professional

Mark D :

the would have to evaluate your other income and deductions

Customer:

ok. thankyou

Mark D and other Tax Specialists are ready to help you