Most sports betting sites do not produce tax documents unless you are getting odds of at least 600 to 1 and and the "win" is over a certain limit. The standard deduction is $12.5k (single) so it doesn't make sense to itemize unless you have other deductions. The bad part is say you win 10k and have 10k of losses. Those betting sites should be issuing you a tax form. You report gambling winnings as Other Income on the 1040. Assuming that was $51k and you had more losses than that, it would make sense to itemize. You cannot deduct gambling losses unless you itemize (or are a professional gambler). Thanks in advance for anyone’s thoughts and help on this Bobby S If I’d of known this I’d of not used PayPal at all. I know that I didn’t make anything ( if any) what do I need to do to have all I paid into the Sportsbook sites all with PayPal and 1 credit card ( that didn’t charge anything to deposit) I know PayPal didn’t deduct what I deposited only what I withdrew. But all this was from legal gambling ( sportsbooks). PayPal sent me a 1099 K says I made 51.000 or so.
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