I had a question on gambling winnings for 2018. From my research a casual gambler can use the session accounting method to track winning and losing sessions (winning sessions entered under Miscellaneous Income for Schedule 1 and losses entered as an Itemized Deduction). My questions is about how to enter information into Turbotax when using the session accounting method if you have received W2G's for 2018.
Let me share an example:
On 01/15/2018 I received a W2G for $1,300 however from my session for that day ended up as a $1,000 loss.
How would I handle the entry of that into Turbotax? In years past I would enter the W2G for the $1,300 then an itemized deduction of $1,300 ( capping the loss to extent of win). Under the session accounting methodology I should technically not have to enter anything for Miscellaneous Income since my net session result was a $1,000 loss.
This year it is highly advantageous for me to use the session accounting method as it will result in tax savings for my state taxes (my state also recognizes the use of session accounting for gambling wins).
Can turbo tax handle this methodology for tracking gambling income?
