topic W2G Income in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/w2g-income/01/1675278#M159925 <P>Hello,</P><P>&nbsp;</P><P>I have a W2G from a Casino for winnings received in 2019 from a Bingo Tournament. My question is can I reduce the amount of the W2G by deducting the amount spent to enter the tournament</P><P>(along with other lodging and airfare expenses) and enter the reduced amount when performing my taxes?</P> Mon, 13 Jul 2020 15:55:49 GMT kcaro500 2020-07-13T15:55:49Z W2G Income https://ttlc.intuit.com/community/tax-credits-deductions/discussion/w2g-income/01/1675278#M159925 <P>Hello,</P><P>&nbsp;</P><P>I have a W2G from a Casino for winnings received in 2019 from a Bingo Tournament. My question is can I reduce the amount of the W2G by deducting the amount spent to enter the tournament</P><P>(along with other lodging and airfare expenses) and enter the reduced amount when performing my taxes?</P> Mon, 13 Jul 2020 15:55:49 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/w2g-income/01/1675278#M159925 kcaro500 2020-07-13T15:55:49Z Re: W2G Income https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-w2g-income/01/1675965#M160008 <P>In general the answer would be no, you cannot reduce your winnings by the amounts spent to enter the tournament and your expenses incurred during the tournament.&nbsp; You need to report the full amount of the W2-G as income.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>You can claim gambling losses up to the amount of your winnings, even if the losses were from another source or type of gambling.&nbsp;</P> <P>&nbsp;</P> <P>The only time you would be able to claim the other expenses you mentioned would be if you were considered to be self-employed as a professional gambler.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><LI-USER uid="2507080" login="kcaro500"></LI-USER></P> Mon, 13 Jul 2020 18:46:03 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-w2g-income/01/1675965#M160008 AnnetteB6 2020-07-13T18:46:03Z
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<P>Hello,</P><P>&nbsp;</P><P>I have a W2G from a Casino for winnings received in 2019 from a Bingo Tournament. My question is can I reduce the amount of the W2G by deducting the amount spent to enter the tournament</P><P>(along with other lodging and airfare expenses) and enter the reduced amount when performing my taxes?</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/w2g-income/01/1675278#M159925
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<P>Hello,</P><P>&nbsp;</P><P>I have a W2G from a Casino for winnings received in 2019 from a Bingo Tournament. My question is can I reduce the amount of the W2G by deducting the amount spent to enter the tournament</P><P>(along with other lodging and airfare expenses) and enter the reduced amount when performing my taxes?</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-w2g-income/01/1675965#M160008
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<P>In general the answer would be no, you cannot reduce your winnings by the amounts spent to enter the tournament and your expenses incurred during the tournament.&nbsp; You need to report the full amount of the W2-G as income.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>You can claim gambling losses up to the amount of your winnings, even if the losses were from another source or type of gambling.&nbsp;</P> <P>&nbsp;</P> <P>The only time you would be able to claim the other expenses you mentioned would be if you were considered to be self-employed as a professional gambler.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><LI-USER uid="2507080" login="kcaro500"></LI-USER></P>
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<pubDate>Mon, 13 Jul 2020 18:46:03 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-w2g-income/01/1675965#M160008
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