It says to review my gambling losses amount. According to Turbo Tax it says that my losses cannot be a higher amount than my winnings, but it was. What should I do?

I went and got a Win/Loss Statement from the casino. It says my estimated Win/Loss was $3,832.56. The Prize I won that I received a 1099-MISC Form was for $1,000. What Am I doing wrong here?

650

Expert Alumni

Feb 11, 2020 3:36:42 PM

The IRS will only let you deduct Losses up to the amount of Winnings, so enter both your Wins/Losses as $1,000.

This link gives more detailed info about Deducting Gambling Losses.

Level 2

Feb 11, 2020 3:41:24 PM

Unfortunately, IRS will not all us to claim losses in excess of winnings. It's just the way the system works. You'll be claiming 100% of your winnings as losses. That's the good news.

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It says to review my gambling losses amount. According to Turbo Tax it says that my losses cannot be a higher amount than my winnings, but it was. What should I do?