Tax gambling wins and losses
#gamblingtaxes
You could claim gambling losses as an itemized deduction in an individual income tax return. It is reported on Schedule A, Itemized Deductions, of IRS Form 1040. However, you could only claim losses to the extent of gambling winnings.
You must report the full amount of your gambling winnings for the year on Schedule 1 (Form 1040), line 8. You deduct your gambling losses for the year on Schedule A (Form 1040), line 16. You can’t deduct gambling losses that are more than your winnings.
You can’t reduce your gambling winnings by your gambling losses and report the difference. You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction.
Depending on how much you won, a gaming facility may send you a Form W2-G that records your winnings and any income tax withholdings from the previous year.
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