Question

How due I report and document gambling wins/loses. I have gambling winnings from 2 casinos reported on W2G's.

Forum|Forum|7 years ago
June 1, 2019
1 reply
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One casino includes W2G winnings in Win/Loss numbers. The other casino reports W2G winnings separately.

Employee

You will report your gambling winnings as income on your tax return. Gambling losses are tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you itemize your deductions. You will deduct your gambling losses up to the amount your winnings on Schedule A.

For the casino that does not report your losses, you will have to calculate your losses from your gambling records and receipts.