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Level 2

Solved

Help me decipher this gambling report form

Forum|Forum|3 years ago
November 14, 2022
4 replies
0 views

This what I got from the Bellagio this year:

Casino Coin In +Jackpots Coin Out

Bellagio

$8,461.08

$1,880.00

$10,603.63

-$262.55

So I have my W2G's which equal $1880 and i had taxes withheld. But I believe overall, I lost the $1880 plus $262.55, so I would be deducting $1880. Is this correct?

Thanks,

Jeff

Not A Product Question

Best answer by Anonymous_

You need to maintain records; you cannot simply "net everything".

See https://www.taxprotalk.com/forums/viewtopic.php?f=8&t=8581

See further https://www.irs.gov/pub/irs-drop/n-15-21.pdf

Anonymous_Answer

Level 15

You need to maintain records; you cannot simply "net everything".

See https://www.taxprotalk.com/forums/viewtopic.php?f=8&t=8581

See further https://www.irs.gov/pub/irs-drop/n-15-21.pdf

jglmacAuthor

Level 2

Thanks. i do have records by each casino -- how much i bought in for and how much i cashed out for. So for example, while I won $1880 in taxable jackpots at Borgata, my records indicate that overall I lost $252 for the year (all buys in minus cash outs). I will be reporting the $1880 as a i havea W2G, but my records indicate that with a $252 loss, I will be able to offset all of it, if i'm not mistaken. (but not more than $1880).

Anonymous_

Level 15

@jglmac

As stated previously, you have to report all of your gambling winnings. You can then deduct your losses as itemized deductions on Schedule A (but not in excess of your total winnings).

NCperson

Level 15

the income needs to be reported

separately, the losses are only deducible if you itemize and cannot exceed your gains.

jglmacAuthor

Level 2

Yes, I will be reporting all of the income. The W2G was provided to me when I won a jackpot over $1200; but my records indicate an overall loss of $252 at that casino for the year (including the $1880 win), so believe I'll be able to deduce the $1880. I do itemize.

NCperson

Level 15

@jglmac - so what I gather is that - at a minimum - you had a winnings of $1880 and you had losses of $2132.

The winnings may be higher based on your records, but let's keep it simple

The $1880 is reportable as income on Form 1040.

The $2132 can be reported as an itemized deduction on schedule A; however, it can not exceed $1880. (net losses are personal losses and not tax-deductible)

if you take the standard deduction, yes, that does mean you have to report the $1880 of wins and get no benefit of the losses.

https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt

Mike9241

Level 15

that w-2G may not reflect all your winnings since there are $ thresholds for when it must be issued. you are responsible for reporting all your winnings. as stated you can take an itemized deduction for your losses up to the extent of your winnings. but to be of any benefit your itemized deductions must exceed your standard deduction.

AmeliesUncle

Level 15

As Tagteam mentioned, you report EVERYTHING you won (although if you keep close records using the "session" method, that may be able to be adjusted).

It says "Coin Out" of $10,603.63. At first glance that seemingly indicates the amount you won, so you report that full amount (well, sort of, depending on what the casino means by that).

It says "Coin In" of $8,461.08. At first glance that seemingly indicates the amount you spent, which would be an Itemized Deduction on Schedule A.

However, statements from casinos are notoriously unclear and vary from casino to casino. So you would need to ask that casino exactly what their statement means. The actual amounts you need to report may not be reflected at all on that statement (you need to keep your own records).