JohnB5677
Expert Alumni

Get your taxes done using TurboTax

@MaryK4 stated it correctly.  You must take the winnings as income from a W-2G.  The wagers can be deducted up to the amount of your winnings.

 

However, this is posted to your Itemized Deductions, and it only counts if you qualify to use the Itemized Deductions. 

 

You will get $12,400 for a Standard deduction if you're single, and  $24,800 if married

 

You would have to exceed that amount in Mortgage interest, Property Taxes, Medical expenses and Charitable giving and Gambling losses to make it worthwhile to post your Itemized Tax Deductions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"