Can I use my casino Win loss statement having total Wagering as $160k and wins as $150k for deducting losses.

[tmbahe]

II'm a Non immigrant with tax status as Resident alien (with substantial presence test). I have a Casino wins of W-2g's total $15k Can I use my Win loss statement for deducting losses? But win loss statement has each and every bet which shows total wagering as $160,000 and winning as $150,000 with net losses as $10000. In this case will there be any issue in itemizing the deductions??

[tmbahe]

Can someone please help me if I can file my winnings as $15k, based on w-2g and losses as $10k by showing Win loss statement as proof for loss??

[Patrice]

It is best to enter the information from your W2-G (not from your casino win loss statement) and then enter your losses on Schedule A.  

The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income, or review How Do I Claim My Gambling Winnings and/or Losses?

Gambling Winnings

A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that aren't reported on a Form W-2G (PDF). When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

Gambling Losses

You may deduct gambling losses only if you itemize your deductions on Form 1040, Schedule A (PDF), and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as an "Other Miscellaneous Deduction" (line 28) that's not subject to the 2% limit.

Nonresident Aliens

If you're a nonresident alien of the United States for income tax purposes and you have to file a tax return for U.S. source gambling winnings, you must use Form 1040NR (PDF), U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties, for more information. Also, nonresident aliens of the United States can't deduct gambling losses.

Recordkeeping

To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.

[tmbahe]

Thanks for the advice and yes I'm entering my W-2Gs total as gambling Income, however, to deduct my losses, i didn't maintained any day to day play records,in this case Can i show 10K losses considering the WIn/Loss statement as proof?

[Patrice]

You can only deduct up to the amount of your winnings....For example:  if you won 10k then yes you can show 10k in losses however if you only won 2K but you had 10K in losses you could on write of 2K

[Patrice]

The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.

[tmbahe]

My W-2G total winnings are 15K, and my winloss statement shows net loss of 10K for 2016, means, I won 15K but lost 25K. So can I show 15K as Winnings and 15K as Losses??  Is the Win/Loss statement (Having each wagering reported) valid document for showing the losses??