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When do i report a gambling win that was won on 3/5/2017 to irs? This year 2017? or 2018?

 
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JulieM
New Member

When do i report a gambling win that was won on 3/5/2017 to irs? This year 2017? or 2018?

If you won it in 2017 you will report it on 2018's taxes.

Money you won while gambling is usually reported on Form W2-G, Certain Gambling Winnings. Gambling losses can be deducted if you itemize, but only up to the amount you reported winning.

For example, if you fed your local casino's slot machines $200 last year and won $50 of it back, you'd report $50 in winnings. You could then deduct $50 in losses (essentially wiping out $50 of taxable income) but only if you itemize.

On the other hand, if you don't itemize, or if the casino kept the entire $200, you cannot deduct anything.

After you enter all your W-2Gs in TurboTax, we'll ask you to enter your gambling losses.


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