Standard deduction gambling losses
If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings. For example, if. Taxpayers Who Elected Standard Deduction Can't Deduct Gambling Losses (Parker Tax Publishing August ) The Tax Court held that a couple was taxable on gambling winnings shown on their Form W-2G and, because the couple could not substantiate how much was spent in producing the winnings, no reduction was allowed. Greetings! I have a quick question about the standard deduction and how it relates to gambling wins and losses. If I make $1k profit from Casino.
Can I deduct my gambling losses?
Submit a new text post. Wonderful service, prompt, efficient, and accurate. Traffic on JustAnswer rose 14 percent Gambling income includes, but is not limited to, winnings from lotteries , raffles, horse races, and casinos. I want to fill form but My wife doesnt have any ssn number.
The Tax Court held that a couple was taxable on gambling winnings shown on their Form W-2G and, because the couple could not substantiate how much was spent in producing the winnings, no reduction was allowed. The court also found that the couple's election to take the standard deduction precluded them from taking an itemized deduction for their gambling losses. During , William Viso engaged in a variety of recreational gambling activities: On their joint Form , the Visos did not report any gambling winnings or losses for the tax year.
The Visos did not challenge the accuracy of the gross gambling winnings included in their income; instead they argued that those amounts should be reduced by the amounts of bets they placed to produce their winnings.
Although the couple introduced evidence of losses at another casino in addition to lottery tickets and sporting bets , they produced no evidence as to how much William bet to produce the winnings reflected on the Forms W-2G.
For tax purposes, gambling losses are treated in one of two ways. Taxpayers engaged in the trade or business of gambling may deduct their gambling losses against their gambling winnings "above the line" as a trade or business expense in arriving at adjusted gross income. In the case of taxpayers not engaged in the trade or business of gambling, gambling losses are allowable as an itemized deduction, but only to the extent of gambling winnings. The Tax Court held that the couple's election to take the standard deduction precluded them from taking an itemized deduction for their gambling losses.
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Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help. If you do not itemize deductions you cannot deduct gambling losses. There was a time when professional gamblers licenses were issued and the losses and winnings were reported on Schedule C self employment income but that stopped a number of years ago and their numbers are dwindling.
If you do not possess that specific licensing the new rules are in effect for you. Here is a piece from the IRS about gambling losses. The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form PDF and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries , raffles, horse races, and casinos.
It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication , Taxable and Nontaxable Income. A payer is required to issue you a Form W-2G PDF if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding.
All gambling winnings must be reported on your Form , including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication , Tax Withholding and Estimated Tax.
You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication , Miscellaneous Deductions , for more information.
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