Gambling Taxable Jackpots

[jdberry3]

I won multiple jackpots at the casino but have proof that I lost the same.  The wins are on a W2G in which I typed all of them in.  I put the same itemized deductions for gambling.  The difference before I put any gambling in and then added it is over 10K!  How do I owe/get back over 10k difference when I broke even on gambling?

Hope that made sense

Thank you

[Mike9241]

you probably don't get even.  under the tax code gambling income excludes all costs - the bet itself and losses.  losses are only deductible if you itemize and your itemized deductions must exceed your standard deduction. if they don't and you use the standard deduction, the benefit of the losses is completely lost.  in effect to be of total benefit, your itemized deduction must exceed your standard deduction by the amount of the gambling losses.