topic Re: Gambling taxes in Get your taxes done using TurboTax

Gambling taxes

Disturbed65 — Wed, 11 Feb 2026 03:08:02 GMT

Ok so i have multiple w2g but blew 99% of it chasing bonus, I understand i must report all the w2g amounts, my question is say w2g shows 18000 win but end of year statement shows only 5000 total win, can i subtract the 13000 as a loss, like i said i cant subtract amount on w2g that has to be entered as it is

Re: Gambling taxes

DoninGA — Fri, 16 Feb 2024 14:55:53 GMT

You must report the Form W-2G as received.

Gambling losses can only be deducted up to the amount of the gambling winnings.
Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Prizes, Awards, and Gambling Winnings, click the start or update button

Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

Re: Gambling taxes

Disturbed65 — Fri, 16 Feb 2024 14:58:26 GMT

Yes i understand how to enter and just wondering if w2g amount is 10000 but win loss only shows 5000 all year won can i show a 5000 loss?

Re: Gambling taxes

DoninGA — Fri, 16 Feb 2024 15:01:40 GMT

Your losses are entered on a following screen after you complete the entry of the W-2G. You cannot change the amount of winnings reported on the W-2G.

Re: Gambling taxes

Disturbed65 — Fri, 16 Feb 2024 15:03:18 GMT

Thanks yes i understand that, but if it shows 10000 in w2g but win loss statement only shows a profit of 5000 all year is 5000 on the next screen deductible as a loss

Re: Gambling taxes

DoninGA — Fri, 16 Feb 2024 15:04:56 GMT

Yes, you would report the gambling losses at $5,000.

Re: Gambling taxes

Disturbed65 — Fri, 16 Feb 2024 15:06:30 GMT

Thanks again have a great day

Re: Gambling taxes

Opus 17 — Fri, 16 Feb 2024 15:08:55 GMT

You must report your gross winnings as taxable.

You can deduct your losses up to the amount of your winnings. This is an itemized deduction so the actual benefit will depend on your other itemized deductions and overall tax situation.

If audited, you need to prove your losses. I'd guess you lost more than what's on the statement, but can you prove it? You might have ATM withdrawals showing money spent at the casino or racetrack. If you want to know how the casino calculated your wins and losses for your statement, you will have to ask them.

From the figures you mention, it looks to me like you need to report $18,000 from the W-2G, and then you can report $13,000 of losses (because the casino says your net win is $5000). If you can prove you lost more than $13,000, you can claim what you can prove, up to the amount of your winnings.

Re: Gambling taxes

Disturbed65 — Fri, 16 Feb 2024 15:14:11 GMT

yes i have records of deposits vs withdrawals and win loss statements, from everyone but mgm as i self excluded because ya i became a junkie! now mgm and borgata wont give me it for some reason never answer email or chat in PA i have the best records that i can come up with, appreciate the reply, showing 40868 in wins and 35632 in losses, im sure ill be audited, first year gambling and the last