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Message: [QUOTE="Tenspro2002, post: 4582013, member: 889"] For all you degenerates out there, how are you handling reporting your sports betting winnings and losses? From what I understand, you are not supposed to just report your net winnings as income, but instead are supposed to report every single payout as income and every single wager/loss as a deduction. For example, if you have 20K in winnings and 18K in wagers/losses, you don't just claim 2K in income, but you claim 20K in income and 18K in itemized deductions. However, unless you're already itemizing deductions, this would effectively screw you over. If you otherwise have 15K of deductions and would normally claim the standard deduction (let's say married filing jointly) of 25.9K, you would now be effectively losing out on 10.9K of deductions. I have to imagine this affects most recreational sports bettors. So what are you actually doing here? [/QUOTE]