u/Advanced-Upstairs-71

Hi Guys,

I don’t mean for this to come off as backhanded but genuinely this subreddit saved me. I am 22 and have lost about 7.5k in 3 months all from savings and no debt, however this is over half of everything I had to my name. I have had many sleepless nights, anger fits and missed out on so many social events to gamble. I tried to quit a couple times and always came back thinking I could just break even and then quit. Obviously this never worked.

The only thing that worked was reading people’s stories on here and realizing how recoverable and early stage my situation is. Genuinely some of the stories on here make me want to throw up and that is what has kept me away from gambling. Realizing that 7.5k can be made back in a few months of work and that none of my relationships have died entirely, just been strained.

Hi everyone,

So this year I have won 40k and lost 46k. I have triggered no W2-Gs and all of my bets were relatively small, no stakes over $200 and no wild payouts. I’ve quit gambling after realizing that I need to before this 6k turns into something that will actually derail my finances substantially.

I do however have some questions about taxes.

I know that I have to report this income legally and will, however am curious about the frequency of non-reporting. I know that most casual betters don’t report income. If someone doesn’t trigger any W2-Gs at 40k volume how likely would IRS action be for failing to report?