I have $56,520 in gambling wins from a casino that shows my net wins as $26,000 on my Win/Loss statement, Can I count the difference as a loss?

Forum|Forum|6 years ago
June 4, 2019
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TurboTax Deluxe Online

Best answer by Anita01

Yes, after you enter the winnings under gambling Income, you are asked to enter any losses,and this difference between gross and net winnings would be your losses. Winnings will show in full under your income on the 1040 and losses will be an itemized deduction. Congratulations on your winnings!

Carl11_2

Employee

If you are taxed only on the net winnings (which is most likely) and not the gross winnings, then you have nothing to deduct.

Anita01

Employee

Carl-I think he's just talking about the statement the casino gives you that shows how much you gambled and then your net winnings, not a W-2G

Carl11_2

Employee

AH okay. I was assuming they were looking at the W-2G. They really need to wait for that document before filing.

rwright9Author

Yes MY W2-G receipts show a win total of 56,520 of which I have claimed, but the win loss statement shows a net win of only 26,000, so I can claim the difference of 30,520 as a loss.

Anita01

Employee

Yes, the statement usually includes wins that don't require a W-2g because they're too small, and then it includes all money spent for those wins.

rwright9Author

Thanks Anita and Carl, that helps quite a bit. and yes I'll wait till all documents are in before filing. Happy Tax season to all accountants out there. Bueno Suerte!

Lavish

I don't understand how he could claim any losses when he has a $26k net gain.

Lavish

I think I understand now. He would claim the losses, but only be taxed on the $26k.

Carl11_2

Employee

Right. He's required to report the W-2G exactly as printed, which shows a $56,520 reportable gain. Then one enters the "costs" (losses) to reduce the amount of reportable gain that is taxable. Remember, there is a difference between reportable gain, and taxable gain. All reportable gain is not necessarily taxable. However, all taxable gain is reportable.