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
11 replies
0 views

No text available

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!

Show previous replies

Jmbh2002

So curious. Were you able to deduct the losses on the won loss statement? I won 6400 and the win loss has 3800 for wins , wondering if I can deduct the losses

xmasbaby0

Employee

@Jmbh2002

Gambling

To enter the W-2G or other documents 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

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850 (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse

HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)

**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.**