I have $56,520 in gambling wins from a casino that shows my net wins as $26,000 on my Win/Loss statement, Can I count the difference as a loss?

[Carl]

If you are taxed only on the net winnings (which is most likely) and not the gross winnings, then you have nothing to deduct.

[Anita01]

Carl-I think he's just talking about the statement the casino gives you that shows how much you   gambled and then your net winnings, not a W-2G

[Carl]

AH okay. I was assuming they were looking at the W-2G. They really need to wait for that document before filing.

[rwright9]

Yes MY W2-G receipts show a win total of 56,520 of which I have claimed, but the win loss statement shows a net win of only 26,000, so I can claim the difference of 30,520 as a loss.

[Anita01]

Yes, the statement usually includes wins that don't require a W-2g because they're too small, and then it includes all money spent for those wins.

[rwright9]

Thanks Anita and Carl, that helps quite a bit. and yes I'll wait till all documents are in before filing. Happy Tax season to all accountants out there. Bueno Suerte!

[Lavish]

I don't understand how he could claim any losses when he has a $26k net gain.

[Lavish]

I think I understand now.   He would claim the losses, but only be taxed on the $26k.

[Carl]

Right. He's required to report the W-2G exactly as printed, which shows a $56,520 reportable gain. Then one enters the "costs" (losses) to reduce the amount of reportable gain that is taxable. Remember, there is a difference between reportable gain, and taxable gain. All reportable gain is not necessarily taxable. However, all taxable gain is reportable.

[Anita01 · Accepted solution]

Yes, after you enter the winnings under gambling Income, you are asked to enter any losses,and this difference between gross and net winnings would be your losses.  Winnings will show in full under your income on the 1040 and losses will be an itemized deduction.  Congratulations on your winnings!

[Jmbh2002]

So curious. Were you able to deduct the losses on the won loss statement? I won 6400 and the win loss has 3800 for wins , wondering if I can deduct the losses 

[xmasbaby0]

@Jmbh2002

Gambling

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income.  Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)