Gambling Wins/Losses Income Tax Question

by Michael
(Ohio)

Gambling Wins/Losses

Gambling Wins/Losses

I am claiming $1600 in winnings.

Will claiming $1600 in losses reduce my taxes owed?

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Jan 20, 2024
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starstarstarstarstar 		Offsetting Winnings and Losses
by: BB

Yes, claiming $1600 in losses may help reduce your taxable income and, consequently, the taxes owed. However, the ability to offset winnings with losses depends on various factors and tax laws. Consult with a tax professional to determine the specific rules and limitations that apply to your situation.

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Gambling Winnings Income Tax Question

Gambling Winnings

Gambling Winnings

If gambling winnings are offset by gambling losses, are there any other ramifications?


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Jan 20, 2024
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starstarstarstarstar 		Making The Most of Gambling Deductions
by: BB

Offsetting gambling winnings with gambling losses can reduce your taxable income, potentially lowering the amount owed to the IRS. However, it's essential to understand the specific rules and limitations surrounding gambling deductions. Consult with a tax professional to ensure compliance with tax laws.

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Gambling Winnings

by Dave
(St Louis MO)

In 2022 I was losing playing video poker until the month of December when I hit 6 video poker jackpots totaling $ 32,000.

My win loss statement from Harrah's shows the $32,000 in w2's and gives my total winnings as $17,000. The difference is the $15,000 I lost before December.

Since my win loss statement shows $17,000 as my total winnings, can I send the IRS the win loss statement and enter the $17,000 on my 1040 as other income or do I need to file a schedule A and show the $15,000 as a loss under other misc. deductions.

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Jan 20, 2024
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starstarstarstarstar 		Reporting Gambling Winnings and Losses
by: BB

When reporting gambling winnings and losses, you generally need to use Schedule A if you itemize deductions. On Schedule A, gambling losses are an itemized deduction, subject to certain limitations. You should include the $15,000 in losses to offset your winnings.

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