Any other gamblers on here familiar with how to shelter your winnings from the government taxing you at over 30%?

I've heard that you can claim losses sometimes to help limit what you are taxed - anyone familiar with this?

You can claim gambling losses to offset gambling winnings, but only up to the amount of the actual winnings. In other words you can't claim a net loss, you can only reduce your gain to zero. Depending on the amount you got on a 1099, I'd be very careful about the losses you claim unless you're an avid gambler.

You can claim it as an itemized deduction. The IRS can be pretty strict when it comes to gambling losses. You can only claim deduction on losses equal to or less than your winnings. So in other words let's say you win $300 and then lose $550, you can only claim up to $300 and no more. Make sure you have kept documents and so forth of tracking your gains and losses just in case if there's an audit.

you guys actually report that shit? I just keep the money as pocket cash, it never sees a bank account, or any other venue where there is a record of it.