Advice on deducting gambling losses on taxes?

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Last post made 16 years ago by Imagin.ation
drpsyce38
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  • drpsyce38
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  • last active 6 years ago

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  • drpsyce38
    • Started by
    • drpsyce38
    • at Jan 18, 10, 08:44:23 PM
    • United States Super Hero 1493
    • last active 6 years ago

    Ahhhh...its tax time again.  I just bought my 2009 Turbo Tax and I am ready to go!  Now, I have some win/loss statements that actually favor a net loss. 

    Have any of you put gambling losses on your taxes?  Easy to do?  Does it reduce you NET income?  Any harassment or hassle from the IRS?

  • arizonadback
    • Replied by
    • arizonadback
    • at Jan 18, 10, 08:54:33 PM
    • United States Full Member 198
    • last active 9 years ago

    You can offset 100% of your winnings with your losses if you itemize - losses over your winnings won't be used. Haven't had any issue with the IRS but can prove losses with bank statements if they ever question it. Turbo Tax should give you prompts for both.

  • Imagin.ation
    • Replied by
    • Imagin.ation
    • at Jan 18, 10, 09:04:14 PM
    • United States Superstar Member 5026
    • last active 7 years ago

    Well.. it's hard to overpay taxes on a loss, you understand me?

    I find the goal is to match losses with your wins, you pay taxes on wins claimed, (you didn't pay taxes on 1200.00 you put into the machine the loss has none, but paid taxes on 1200 to recieve it) as to not have to pay any taxes due if you have underpaid.

    I have always just claimed losses against my wins as to not oweing anymore taxes.

    Unless maybe you claim as a professional gambler, then theres some differences there.
    It's been a while for me i'd have to break out the books lol
    If you find something post it, to refresh my memory.

  • Imagin.ation
    • Replied by
    • Imagin.ation
    • at Jan 18, 10, 09:22:27 PM
    • United States Superstar Member 5026
    • last active 7 years ago

    One year i showed 44,000 in wins, but i was able to prove my losses as matching that amount, thus showing i put in as much to win.

    Small example...
    You hit a 7 out of 7 on keno which is 1750.00, you sign and are given the tax form and paid 1750.00, if you show you lost just as much for the win, you won't owe taxes on that 1750.00

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