Anonymous
Not applicable

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the IRS requires that ALL winnings be reported on 1040 schedule 1 line 21.   all losses up to the amount of winnings is reported on schedule A line 16. 

 

the estimated wins/losses are net 

 casino 1 net cash in                                                                = gross losses $369,763 ($2,838,611-2,468,848)

jackpots                                                                                = gross winnings  $366,502

net loss                                                                                     $                                3,261

 

casino 2 net cash in                                              = gross losses          $294,279     ($2,494,720-2,200,441)

jackpots            and net table                          = gross winnings         $201,220

net loss                                                                                 $                     93.059

 

not sure about w2g since $196,770 + $4,230 =    $201,000 

 

one thing to consider if you are preparing his return for compensation,   does the income he's reporting support the net losses.   if not does he have other sources that are not taxable

 

so for reporting line 21 on schedule 1 about $568,000 with an offsetting amount on schedule A line 16