You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return. If you lost as much as, or more than, you won during the year, you won't have to pay any tax on your winnings. Even if you lost more than you won, you may only deduct as much as you won during the year. Apr 14, 2015 Did you have gambling losses last year? If so, you may be entitled to a deduction. Here is what you need to know at tax return time. The most important rule The biggest single thing to know is. Dec 20, 2019 Information You'll Need. Amount of your gambling winnings and losses. Any information provided to you on a Form W-2G. The tool is designed for taxpayers that were U.S. Citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. Citizen or resident alien for the entire tax year. Such a limitation requires tax return preparers to alter, modify, override, or otherwise finesse their software so as to include all the individual W-2Gs and satisfy the IRS computer matching system, but simultaneously reduce other income by the amount of recycled gambling winnings so as to properly report the taxpayer’s AGI. Mar 01, 2019 This is good news as it is the way to go if you are reporting gambling income or losses. It is also good news if you have a lot of expenses to report or want to claim a tax credit for things like paying mortgage interest. What Does It Mean to Itemize? You can either itemize or take the standard deduction when you file your tax return. Jan 03, 2020 Gambling Losses. You may deduct gambling losses only if you itemize your deductions on Form 1040, Schedule A.pdf, and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings.
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If you had a successful night at the slots or poker tables, you're going to have to share some of the lucky proceeds with Uncle Sam. The Internal Revenue Service generally requires that you report your gambling winnings and losses separately when you file your taxes rather than combining the two amounts.
Record Keeping
As you gamble during the year, you need to keep records of your winnings and losses so that you can support whatever figures you report on your taxes. The IRS permits you to use per-session recording, which means that instead of recording whether you won or lost each time you pull the slot machine, you can simply record your total for the session. Your records should include the date and type of gambling, where you gambled and if you gambled with anyone else, such as a home poker game. If you win more than $600, you should receive a Form W-2G from the casino.
Taxable Winnings
When figuring your gambling winnings, only include the winnings from each session rather than using losses to offset your gains. You have to include gambling winnings even if you didn't receive a Form W-2G from the casino. For example, if you gambled six times during the year, winning $100, $3,000, $4,000 and $6,000 but losing $5,000 and $2,000, your gambling winnings for the year are $13,100. This amount gets reported on line 21 of your Form 1040 tax return.
Gambling Losses
To claim your gambling losses, you have to itemize your deductions. Gambling losses are a miscellaneous deduction, but -- unlike some other miscellaneous deductions -- you can deduct the entire loss. The deduction goes on line 28 of Schedule A and you have to note that the deduction is for gambling losses. For example, if you lost $5,000 on one occasion and $7,000 on another, your total deduction is $12,000.
Online casino signup bonuses. All online casinos offer casino sign up bonuses. There are a few different definitions of sign up bonuses. Some casinos call casino signup bonuses “Welcome Bonuses” but the general idea behind all of them is the same. The casino rewards you with bonus chips for your first few deposits. Even some of the best online casino bonuses in the UK, for example, can require you play through winnings 25 times. Location restrictions – The volume and generosity of casino bonuses varies depending on where you are from. Those from Western countries, such as the UK, USA, Canada, Australia, and EU nations, normally have a choice of bonuses. Signup bonuses for online casinos. If there isn't a casino you have joined yet then you might be eligible for a signup bonus. Casino signup bonuses are meant for new players to try their luck at that casino. 96 rows Casino sign-up bonuses (a.k.a. Welcome bonuses) are offered by almost every online casino. The online casino industry is extremely competitive and one way that online casino operators try to outdo the competition is by offering players a list of online casino bonuses when they join up. A casino bonus is a free incentive or offer provided by the online casino to get players to sign-up.
Gambling Loss Limitation
You can't deduct more in gambling losses than you have in gambling winnings for the year. For example, suppose you reported $13,000 in gambling winnings on Line 21 of Form 1040. Even if you lost $100,000 that year, your gambling loss deduction is limited to $13,000. Worse, you aren't allowed to carry forward the excess, so if you had $87,000 in losses you couldn't deduct last year, you can't use that to offset the gambling income from the current year.
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References (2)
How To Report Gambling Losses On Tax Return 2016
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About the Author
Based in the Kansas City area, Mike specializes in personal finance and business topics. He has been writing since 2009 and has been published by 'Quicken,' 'TurboTax,' and 'The Motley Fool.'