I have a question about reporting social casino winnings and losses. I redeemed $100,000 in Sweeps Coins from Stake.us, but spent $120,000 on Gold Coins to play. My understanding is that for federal taxes, the IRS treats this as gambling income, so I can deduct up to $100,000 of losses if I itemize, leaving $0 taxable income. However, some sources say sweepstakes buy-ins cannot be deducted, which is confusing. Can you confirm the correct treatment and advise on any reporting or documentation I should maintain?
Sweepstakes Earning – Stake.US
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