topic Slot winnings in Deductions & credits

Slot winnings

Vtlink11 — Tue, 24 Feb 2026 08:14:49 GMT

I was on a carnival cruise and won 43k. Got a 1099 for 43k. Used that money to gamble on while I was on the cruise ship and took home 35k of that 43k.

how do I report this to the IRS. The 1099 gets reported as income but how do I report the “loss” of 8k plus the 4K I spent of my own money.

Re: Slot winnings

xmasbaby0 — Fri, 29 Dec 2023 00:18:25 GMT

Gambling

To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income. Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850 (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $12,850 (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse

HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

Re: Slot winnings

Vtlink11 — Fri, 29 Dec 2023 00:31:13 GMT

I am going to use itemized deductions. My question is what would I report as “losses” for this. Do I report the difference between my 43k and whatever the win/loss statement says and itemize that?

for example I win 43k

i “lose 8k of that plus 5k of my own money and my win loss statement says I “took home” 35k

what gets reported as a loss from this

Re: Slot winnings

CatinaT1 — Mon, 08 Jan 2024 17:10:26 GMT

Based on the information's you provided, you have a total gambling loss of $13k.

Keep in mind, the IRS requires taxpayers to keep an accurate diary or similar record of winnings and losses as well as provide receipts, tickets, or other records in order to deduct gambling losses.

Taxpayer notes must include the date and type of gambling; the name and address of the gambling venue; the people with whom the taxpayer gambled, if applicable; and the amounts won and lost.