Busted by IRS now i owe back taxes on winnings

[Seattleallstar]

Originally Posted by Rupert Pupkin

As others have said, I think all you need to do is get a year-end summary from TVG or whoever you bet with. Your year-end summary will show that you lost for the year and you shouldn't owe anything. I don't think you will owe any penalties either.

I got the year end summary from TVG and in addition to the amoutn wagered it shows how much I won and how much i deposited and withdrew. I thought it might pose a problem because it shows that I won even if the amount wagered is defintely more than amount won. They might say its some taxable income even if it isnt a signer, that im not sure of. But since TVG keeps track of wagers, i think i can just show the list of wagers that didnt win that will offset what was actually "taxable". Thanks for all the advice and help guys, it had really helped. I appreciate it