In 2022,
I had taxable jackpots reportable to the IRS of approximately $106,000, which I have added to my taxes (47 W2G's!).
I keep logs and verify with the different card loyalty programs of my total wins and losses. My coin in + reported jackpots, minus coin out, = -$32000. Based on this, I believe I'll be deducting $106,000. (Because I can't deduct more than I win).
I say this because if my coin-in ($255,000)+ ($106000) reported jackpots = $361,000. My coin out is $329,000. $329-$361 = -$32000.
Does this make sense?
