All of it taxed. Are you talking at a casino, lottery, or where? The facilities take X percentage to just make sure something is paid and you don't try to hide it totally. You can google it and it comes up pretty easily. I can't remember if it has its own rate or is just taxable income.
www.efile.com
Your losses go with your itemizations, not a net winnings - losses of gambling proceeds.
Sports betting mostly, I did some Googling but they make such easy questions difficult to understand.
See the link I posted. I feel it explains it fairly well. On taxable amounts, the place withholds 24%. This isn't what you necessarily owe in taxes, it's what they are required to withhold. When you file you taxes, it will go in as income and be taxed at the appropriate rate, so many people say to put a little extra in savings to cover things. Even if you are in the 22% tax bracket, no State taxes have been withheld.
It’s very stupid, but what triggers a W2G is an individual bet that pays out $600+ AND is 300:1 odds or greater. It’s dumb because 99%+ of gamblers will never hit a bet that triggers one. Also, if you request one from the books, they will say no. When I asked for one at DK, they at least sent me a summary of my gross winnings and losses so I will be covered there, but I have tens of thousands of dollars over hundreds of bets elsewhere that I will have to go back and manually calculate my results. The books should send one to everyone IMO. I’d be surprised if there isn’t something done about this in the future with sports betting legalization continuing in more places as I’m sure there will be a lot of money not reported since folks aren’t receiving forms to let them know what to report.
