How do I correctly file gambling winnings and losses not on a W-2G

colined
colined Member Posts: 1 Newcomer
in Income

Hello! I have used apps such as FanDuel, DraftKings, and others during 2024 to bet on sportsbooks. I was not issued a W-2G by any of the apps I had used during 2024, as I lost money or did not cross the $600 winnings threshold.


Under the "Did you have any other income?" section, I found the tab for

"Gambling Income (not on a W-2G)"

How do I go about reporting this income? Should I get a player statement from every single app I had used during 2024, and total up the "Amount Wagered" and enter it here?

And how do I go about itemizing my deductions for the losses, as I have not profited any money from these apps, I have lost more than I have wagered.

Answers

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 253

    Hi colined,

    You're correct. Report gambling winnings 'not on a W-2G' as "Other Income."

    You'll total up all gambling winnings and make one entry. I recommend printing and saving backup documentation to support what you entered in case the IRS requests documentation.

    Gambling losses may be claimed as an itemized deduction on Schedule A. Here too, you'll add up your losses to the extent of your winnings. It's very common to have more losses than winnings, but the IRS only allows an amount up to your winnings.

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