Watch part 2 here:

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Matt and Steve Bourie, from the Jackpot Gents, interview Russell Fox, a leading expert on gambling related taxes. Fox is the co-author of “Tax Help For Gamblers”, along with Jean Scott and Marissa Chen. Look for it on Amazon.

They discuss how all U.S. gamblers, including: slot machine players, table game players, sports bettors, and online casino players, are treated differently for the issuance of W2-G forms.

Fox explains how gambling wins are treated by the IRS, how gambling losses can be deducted, and what kind of information is needed to provide proof of losses.

They also talk about how, in some situations, gamblers could be responsible for paying state and city taxes in addition to federal taxes. Plus, they delve into how gamblers could very easily be taxed on money that they actually didn’t win!

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