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ldnvi07
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I have $52300 in gambling wins from a casino but shows my net wins as $-12000 on my Win/Loss statement, How do I count the difference as a loss? Since I have lost all of my winnings and lost even more.

I have $52300 in gambling wins from a casino but shows my net wins as $-12000 on my Win/Loss statement, How do I count the difference as a loss? Since I have lost all of my winnings and lost even more. This is my first year I have become a big gambler and first time filing these kind of taxes and I have no Idea what to do.

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I have $52300 in gambling wins from a casino but shows my net wins as $-12000 on my Win/Loss statement, How do I count the difference as a loss? Since I have lost all of my winnings and lost even more.

You report the gambling winnings as ordinary income on your tax return. 

Gambling losses can only be deducted up to the amount of the gambling winnings.
Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

To enter, edit or delete Gambling Winnings and Losses -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Prizes, Awards, and Gambling Winnings, click the start or update button

 

Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

I have $52300 in gambling wins from a casino but shows my net wins as $-12000 on my Win/Loss statement, How do I count the difference as a loss? Since I have lost all of my winnings and lost even more.

Essentially, you won $52,300 but lost $64,300, for an overall net of $-12,000.  

 

You list the $52,300 as winnings.  You can list up to $52,300 as losses.   Turbotax will walk you through this. There is no additional deduction for losses more than winnings.  The loss is a special itemized tax deduction.  It is not limited by the old 2% rule, but if you don't already itemize your deductions, you may not get the full benefit of the losses.

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