Your losses are deductible as itemized expenses. If you can see your transaction history, then you can use the losses from the transaction history to enter as itemized deductions. When you file, there will be nothing to show, like there is not a statement that you would include with your return to show the losses, however, you should keep the statements with your tax return in case the IRS would question you.
You do not need a W2-G, to enter your gambling winnings, but be sure you enter them in the section for gambling winnings. As soon as you enter the gambling winnings, on the next screen you will be able to enter your gambling losses up to the amount of your winnings.
Since you did get a 1099-K, you can enter this on your return as well and then back out the income. This would be advisable since it is for such a large amount. To enter the 1099 K and then back it out immediately take the following steps:
- Income
- 1099-K under Other Common Income
- Enter the information from the 1099-K
- Check the box that says, This amount in box 1a is too high or includes some personal transactions
- Enter the amount that shouldn't be included which would be the entire amount since you are reporting it as gambling winnings.
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