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Gambling Winnings vs Losses W-2
Hi,
So I have a friend who won $20,000 through the state lottery. When they won 31% was immediately taken out and they were given a check for the remainder. My friend however has gambling losses within that year that meet the winnings (or close to it) and has won/loss statements from casinos to show it. Since the $6,000 was already taken out for taxes is there any way to get a portion of that back when filing taxes considering my friend lost more than they won in that year and can show it?
So I have a friend who won $20,000 through the state lottery. When they won 31% was immediately taken out and they were given a check for the remainder. My friend however has gambling losses within that year that meet the winnings (or close to it) and has won/loss statements from casinos to show it. Since the $6,000 was already taken out for taxes is there any way to get a portion of that back when filing taxes considering my friend lost more than they won in that year and can show it?
‎June 21, 2019
6:00 PM