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where do i show poker gambling income proof? Tax?
i made about 20k in gambling income (online poker) and am going to put it under "other income" my losses are less than the standard deduction so no need to itemize losses. How do I show proof for this gambling winnings? Do I attach a bank statement? Do i not need to show proof? Please give a detailed answer. Thank you.
Public Comments
- Since 20K of gambling income is going to cause you to OWE taxes, the IRS won't ask for proof.
- Include your gambling winnings in income on Form 1040, line 21. Though there is no need to send in any evidence with your tax form, you should maintain -- for your own records -- evidence of your winnings. Receipt, bank deposit, check you received, anything showing a financial transaction.
- Didn't you receive a W2-G from who you won the money from. You should have received one. That is the proof of the money that you won. They should be able to provide a printout of how much you bet win/losses. But even if they don't provide one and you know how much you won and you're sure that you can't itemize even with your losses, then you will just have to pay the taxes on it. But hey, I wouldn't mind having to pay $4000 or so in taxes if i won $16000 free money. You can't go broke as long as you are making money. My goal is to someday pay $1million in taxes. Think of how much money I would have to make in order to owe $1 million. Poor me LOL
- Just write the amount on Line 21 and to the side of it write "gambling winnings".
