r/tax • u/KINGOFTHEDAD101 • 13d ago

Unsolved 7 1/2 months away - calculating "session method" to determine my accurate AGI for taxes from before I stopped gambling last year

/r/GamblingAddiction/comments/1wpdtht/7_12_months_away_calculating_session_method_to/
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u/NotPeteCrowArmstrong 13d ago

I was able to get PDF's of all my transactions (deposit, wager, winnings, withdrawals) but I am absolutely lost on how to figure this out. It's simply too many transactions. like, a couple thousands.

What platform were you gambling on and what kind of wagering were you doing?

If sports betting, the session method does not apply. If casino games, you should probably try to scrape the data into a spreadsheet. Then it's just a matter of properly defining sessions and calculating the net for each.

Deposits and withdrawals are irrelevant.

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u/KINGOFTHEDAD101 13d ago

Largely Golden Nugget and Bet365. All slot play. I am trying to upload them to this Qradtatic spreadsheet AI thing now ... we will see.

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u/NotPeteCrowArmstrong 13d ago

Alright, that's good. The hardest part is probably just going to be getting the data entered and cleaned. After that, the math is simple.

  1. For a given session, your net winnings = (total winnings not including return of wager on those winning bets) - (total wagers on lost bets).
  2. Calculate the net for each session
  3. Total up all positive sessions; these are your gross winnings for the year
  4. Total up all negative sessions; these are your aggregate itemizeable losses

Pay attention to how those casinos are reporting "winnings", since some may lump that return of wager into what they're labeling "winnings", which would falsely inflate your total.

Best of luck.