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when filing taxes on W2G is there a spot to put money that you wagered

i waged more money than was paid out. can i claim that
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Mike9241
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

when filing taxes on W2G is there a spot to put money that you wagered

winnings are fully taxable. losses and expenses, including the wager anount, are only deductible if you itemize on Schedule A and are limited to gambling winnings. There should be a prompt after dealing with the winnings to enter losses which would include expenses. 

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1 Reply
Mike9241
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

when filing taxes on W2G is there a spot to put money that you wagered

winnings are fully taxable. losses and expenses, including the wager anount, are only deductible if you itemize on Schedule A and are limited to gambling winnings. There should be a prompt after dealing with the winnings to enter losses which would include expenses. 

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