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Do I have to pay taxes on this?

Business 3 views 1 answers
I recently have done some online gaming.I am in New Jersey.The company is called WorldWinner.You can wager money to play games and win more money.In the course of a year, I won and lost money.I did not know until the beginning of this year that they were going to send out a 1099 for my taxes.Anyway, I am going to list what they have on my account and what will be on my the 1099.I hope someone can give me some advice on whether or not I have to pay these taxes. Cash and Merchandise Winnings: $24,919.45 Entry Fees Associated with the Winnings: $14,610.64 Net Winnings: $10,308.81 Additional Entry Fees: $12,125.09 Withholding: $0.00

Attorney Answer

1
Thuongtri Nguyen ·
If "entry fees" are what you paid to play, you appear to have lost money. A net gambling loss is generally not deductible (unless gambling is your profession). If you in fact have a net win, you do need to pay federal income tax on the winnings. Your state likely will also tax the net winning. You can review your specific facts with a local tax professional (Enrolled Agent, CPA, or attorney).
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