Gambling earnings on IRS transcript - Will transcript show all income even if not reported?
Need to know if my transcript will show everything I made in 2023 including casino winnings or does it only show what I actually reported? Haven't filed yet but wondering if the IRS already knows about my gambling earnings.
13 comments
Write a comment...
Sophia Carson
Tax professional here - Your transcript will show ALL income reported to the IRS through W2G forms (gambling winnings over $1,200 in a single win). Casinos are required by law to report these. Even if you don't report it, the IRS already knows about those wins through the W2G forms they received.
0 coins
Ana Erdoğan
damn fr? even the smaller wins add up to like 50k 😭
0 coins
2M
Sophia Carson
Yep, and don't forget you can deduct your losses up to the amount of your winnings if you itemize and have proof (keep those receipts!
0 coins
2M
Write a comment...
Elijah Knight
You should check out taxr.ai - it'll analyze your transcript and show you exactly what the IRS sees about your income. It costs $4.99 but worth every penny to know where you stand. I used it to see all my reported income before filing https://taxr.ai
0 coins
Brooklyn Foley
Does it actually show gambling stuff? Trying to figure out how much the casinos snitched on me lol
0 coins
2M
Elijah Knight
Yeah it shows everything! All W2Gs, 1099s, literally anything reported to IRS. Saved me from a nasty surprise 👀
0 coins
2M
Brooklyn Foley
just tried it and holy moly 😱 they know EVERYTHING. at least now i know what i need to report
0 coins
2M
Write a comment...
Jay Lincoln
bruh ur asking for an audit posting this 🤡
0 coins
Write a comment...
Jessica Suarez
in the same boat lol win big at slots last year and tryna figure out what shows up
0 coins
Marcus Williams
better report it all fam, IRS don't play about gambling money 💯
0 coins
2M
Write a comment...
Lily Young
Remember that gambling income is taxable even if you didn't get a W2G form. The IRS requires you to report ALL gambling winnings, even small amounts. Player cards at casinos can also track your activity.
0 coins
Ana Erdoğan
what about online gambling?
0 coins
2M
Lily Young
Online casinos still report to IRS if you win over $1,200 in one go. They have your SSN when you signed up.
0 coins
2M
Write a comment...