u/Advanced-Upstairs-71

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?