I keep close track of my spending using Quicken. I was surprised to discover that I had net gambling income of more than $300 for the year. Most of that comes from a single keno ticket I hit a few months ago, and thus it appears that all of my other recreational gambling for the year was approximately break even. None of the wins (even the keno ticket) were large enough to trigger a form W2-G gambling earnings report, but I reported the income and paid the tax anyway. That, at least, wasn't subject to California income tax as it obviously wasn't earned in California!
Winner!
I keep close track of my spending using Quicken. I was surprised to discover that I had net gambling income of more than $300 for the year. Most of that comes from a single keno ticket I hit a few months ago, and thus it appears that all of my other recreational gambling for the year was approximately break even. None of the wins (even the keno ticket) were large enough to trigger a form W2-G gambling earnings report, but I reported the income and paid the tax anyway. That, at least, wasn't subject to California income tax as it obviously wasn't earned in California!
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