Got a number of spreadsheets of bets, one for each sportsbook I use. There are thousands of bets. Is there a good software or other way of doing taxes (USA, NY) so that I get an output of the information I have to know for tax purposes for each year?
How do you pay taxes on sports gambling?
byu/Diligent-Aspect-7598 intax
Posted by Diligent-Aspect-7598
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If you already have the spreadsheets, it’s not too difficult. In each sheet, add up your winnings (not including your original bet). Then add together that total from each sheet. That’s your gambling income, goes on Sch 1, line 8b.
Add up your losses. That’s where you start for your deductible losses. I’m forgetting what exact change the recent law change made re: gambling losses, but you apply that, and then you get the amount that you enter on Sch A.
Note that you’re looking at wins and losses, *not* deposits and withdrawals. And again, if you bet $100 and won $150, you won $50, not $150.