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bigblackdog42
New Member

Before i entered in my w2g my return was around 600.00 i have a win loss statement that shows i lost more money than i won. shouldnt that cancel out the tax on the wins

 
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Anita01
New Member

Before i entered in my w2g my return was around 600.00 i have a win loss statement that shows i lost more money than i won. shouldnt that cancel out the tax on the wins

No, your losses may have no impact on your winnings.  Losses are deducted as itemized deductions, not directly against the winnings.  In order to itemize, you must have TOTAL itemized deductions that exceed your standard deduction ($6300 single, $12,600 married joint).  If you do not meet the requirements to itemize your deductions, you will take the standard deduction and the losses will not benefit you at all.


Even if you do itemize, gambling losses are not deducted directly against your winnings, so you will see the winnings showing as income

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Anita01
New Member

Before i entered in my w2g my return was around 600.00 i have a win loss statement that shows i lost more money than i won. shouldnt that cancel out the tax on the wins

No, your losses may have no impact on your winnings.  Losses are deducted as itemized deductions, not directly against the winnings.  In order to itemize, you must have TOTAL itemized deductions that exceed your standard deduction ($6300 single, $12,600 married joint).  If you do not meet the requirements to itemize your deductions, you will take the standard deduction and the losses will not benefit you at all.


Even if you do itemize, gambling losses are not deducted directly against your winnings, so you will see the winnings showing as income

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