W2G Income

kcaro500 · ‎July 13, 2020

Hello,

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

(along with other lodging and airfare expenses) and enter the reduced amount when performing my taxes?

AnnetteB6 · ‎July 13, 2020

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. You need to report the full amount of the W2-G as income.

You can claim gambling losses up to the amount of your winnings, even if the losses were from another source or type of gambling.

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.

@kcaro500

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View solution in original post

AnnetteB6 · ‎July 13, 2020

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. You need to report the full amount of the W2-G as income.

You can claim gambling losses up to the amount of your winnings, even if the losses were from another source or type of gambling.

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.

@kcaro500

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"