You would report the $50 as winnings. You should receive a W-2G from the gaming business that you gambled with.
Entering Gambling Winnings (with or without a W-2G) into TurboTax:
- Open your return.
- Search for w2g in the search box (upper-right corner).
- Click on Jump to w2g.
- Enter any winnings.
- Continue with the interview questions.
- You eventually end up on a screen where you can enter your losses. Just remember that you can only deduct losses up to the limit of your winnings.
For example: If you lose $100, but only win $50, then you can only deduct $50.
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