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bartnlj
June 4, 2019
Question

Gambling winnings and loses should cancel everything out. Why does it still show under income.

  • June 4, 2019
  • 1 reply
  • 0 views
I had winnings where I received W-2G. However records from casino show I actually broke even. Yet when I post gambling loses they still show up under income summary as income.  Why?

1 reply

C
Celery63
June 4, 2019
The answer to that is very simple. Gambling losses do not offset gambling winnings dollar for dollar. Rather, gambling losses can be claimed only as an itemized deduction. You get no tax benefit from itemized deductions until all of them added together are more than your standard deduction. Gambling winnings are fully taxable as ordinary income.
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