Deducting gambling losses against my wins

[jglmac]

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?

[Mike9241]

was there any balance left on 12/31/2022 or was the account zero?

if so i'd say your losses were only $32,000

cash in                                        255000

jackpots                                     106000

total available                           361000

my calc of losses                         32000

available to withdraw              329000

withdrawn                                  329000

balance at end of year                  0

if you lost 106000 or more you could only have withdrawn 255000 or less. 

[jglmac]

I see how you got there.

I guess though, this is against the $106,000 in jackpots, which are on my taxes.

I also realized the form from MGM, I listed wrong. It states:

Coin Out= $255000

Plus Jackpots= $106000

Less Coin in $393000

Estimated slots loss= -$32000

If I broke even (losing the jackpots I won), coin in would be $361000. If I made $106000, coin in would be $255000.

Sorry, I misread the form when I asked this question.