Question

Gambling winnings in slots

Forum|Forum|3 years ago
October 28, 2022
1 reply
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If I bet a total of $5000 in 2022 on slots and lost $4900, do I report my gambling winnings as $100 (net profit) or $5000 (total wins, not including losses)? That will make a sizeable difference! I am taking the standard deduction as well. And what if I withdrew a couple thousand dollars total throughout the year (but lost it)? And what if the winnings come through Paypal?

X

xmasbaby0

Employee

All of your winnings are taxable income. If you are not itemizing deductions then the losses have no effect against the winnings.

For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income. Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950 (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)

MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)

Legally Blind + $1750

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**