W-2G

[fouroneone]

Had to fill out a W-2G this weekend. I usually only play win place, so a w-2g is rare for me.

Basically, all I need to do when i fill out my taxes is submit the same amount of LOSING tickets as the winnings on my w-2g and they will offset each other, right?

sorry for being so clueless


-fred

[michiken]

You have to itemize using a Schedule A to deduct your losses.

[garyoz]

The IRS accepts the printouts from Brisbet, TVG, or the bonafide online service that you use. Just run January 1 to December 31 for all bets at all tracks and have the documentation handy in case they ask for it. The only time I had to provide the documentation was in conjunction with a mail audit, and there were no problems. Make sure you declare the W-2G on your taxes and there is a place on the tax form to declare the countervailing loss. Don't know where on the form to declare that loss, I guess Schedule A.

If on the other hand you have a good year, then you will have declare the winnings as ordinary income, I've had that happen too.

[garyoz]

To clarify my post, you can only declare losses at the end of the year up to the amount of the losses or value of the W-2G, whatever is lower. If you have a profitable year, then you have to pay taxes as ordinary income. In other words, you can't deduct losing tickets unless you have a documented losing year. I'm not an accountant.

[Sailwolf]

If you are a professional gambler, the you can deduct other expenses including travel and purchase of materials. A professional gambler is a person , for IRS purposes, a person performing this activity on a full-time basis and reporting the information on a Schedule C. Any less than a full-time job is difficult to prove.

If you are a week-end warrior, then the total gross winnings including bingo, lottery etc. go on line 21 of your Form 1040. The losses go on Schedule A line 27 (not subject to the 2 percent adjustment). However if your losses do not exceed the standard deduction along with your other itemized deductions including charity, state taxes, home mortgage, etc. you are not able to deduct the losses.

In no situation, can you deduct more losses then wins in a single year.

[Valuist]

I've never used Schedule A to deduct for gambling losses.

[Sailwolf]

I've never used Schedule A to deduct for gambling losses.

Where did you deduct the losses on your 1040?

[Sailwolf]

I've never used Schedule A to deduct for gambling losses.

Other Miscellaneous deductions:

Part of the instructions to line 27 of the Schedule A
Line 27 Gambling losses, but only to the extent of gambling winnings reported on Form 1040, line 21.•

[Valuist]

Is that Schedule A or just page 1 of the 1040? I've written them off but just on the page 1 of the 1040. I use Turbo Tax so maybe it actually was on Schedule A.

[skate]

you should find (using itemixed deductions) on sch A, under misc. it says "other" , here's where you put in your total gamble lose.
that lose is added to other losees (line 4 thru 27) which goes to line 28, carry line 28 to line 40 which is on your 1040 form.