You can deduct gambling losses on your federal taxes but you cannot deduct losses on your state taxes in Ohio. If you win money from the promotional bonuses, however, the winnings will be taxed. You will not be taxed on simply receiving or claiming Ohio sports betting promos. Will I Be Taxed on Ohio Betting Promotions?

Canceled checks and casino credit records.

The names of people who were with gambling with you at the time.

Wagering tickets with dates and location.

If that happens, the following documentation will be helpful:

It’s possible the IRS could ask you to substantiate wins and losses. In addition, you submit any Ohio state tax withholdings on gambling winnings on this same form. As for state taxes in Ohio, you report gambling winnings on Form IT 1040, but only winnings accrued in Ohio. On your federal form, you submit this as other income on Form 1040, Schedule 1. How to Claim and Report Ohio Gambling Winnings for TaxesĪ payer, such as the casino operator or sportsbook or the Ohio Lottery Commission, is obligated to issue you Federal Form W-2G. Here are the rates at each level.ĭeposit required. The parameters change over time, but as of tax year 2022 there were 6 graduated levels. Gambling winnings from Ohio sports betting apps will count as “Other Income” but are taxed as part of your total.

Ohio gambling taxes are on a graduated scale based on your total ordinary income. Winnings are taxed at the same rates as regular income.

In Ohio it is treated as “Other Income” on Form 1040, Schedule 1. Yes, gambling winnings are taxable on both the federal level and in the state of Ohio whether they are cash winnings or some other payment in kind. Know When To Stop Before You Start.® Gambling problem? Call 1-800-GAMBLER Are Gambling Winnings Taxable in Ohio? Bet amount of qualifying wager returned only if wager is settled as a loss.

Nj online betting withdrawal tax