Myron Leftwich: So even if I get audited and show them the win loss statement and evidence of withdrawal then they may still allow the loss correct? If not, are they going to hit me with a penalty?I'm hoping that the info I have would be sufficient. We're only taking about a 1200 win that i eventually lost it back and more anyway..
Kaylee Schmittou: I forgot to mentioned that I am itemizing my deductions.
Alphonso Brake: The IRS makes claiming gambling losses difficult because so many people cheat when it comes to claiming losses. Scratch tickets are prime example.If a person wins $5,000, for example, they just collect $5,000 worth of losing tickets. The IRS isn't stupid. They think that if a person spent $5,000 on losing tickets, they must have won on some other tickets. If the amount won is under $600, no W2G is issued and the IRS has no way of knowing if you won any money so most people do not report that income.When I have prepared returns for clients that! had gambling winnings, I explain the requirements for claiming losses and let them make the decision. You have to weigh the cost of claiming the losses against the possibility of having the loss thrown out if you are audited. If you could afford the $300 additional tax, maybe it might be worth it to just claim the winnings and not the losses. If you can't, go ahead and claim the losses. You might not get audited and even if you do, they may still allow the losses....Show more
Raymundo Kyser: You report the total of all gambling winnings. IF you itemize you can take a misc itemized deduction for your losses, up to the amount of your winnings. This is not subject to the 2% floor though. If you don't itemize, then you cannot deduct your losses.
Esmeralda Pigram: I would assume the 2,000 includes the 1,200 winnings. You can deduct gambling losses up to the extent of gambling winnings. So, you can report 2,000 in winnings and deduct 2,000 in losses, bringing y! our net to zero.
Cordia Fivecoat: Yes, i would like to r! eport winning of $2000 and a loss of $2000. However, after reading the requirements of the IRS and that usng the win/loss statements requires additional analyst. I read online that I can not just take the win/loss amount on the statement but rather calculate how much i actually put in by keeping a record of my atm withdrawals.. the people I gambled with.. the slot number that I played etc.. It seems like there's so much trouble to take a loss? Am I just reading into it too much and should just do $2k gain and $2k loss?...Show more
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