Taxes on gambling winnings: specifics?

Kenneth Queener: Each win and each loss stands on its own. That's why you have to keep detailed records of all of your plays and pays.If the losses noted in your example are your only itemized deductions then you have $2,000 in winnings and no deductible losses.

Elli Esaw: Why bother gamble-you waste and loose money!

Gaynell Pizzaro: 1

Renay Billiar: Gambling Winnings are even more complicated than what was indicated.If you are audited for gambling winnings, you need to provide documentation for your gambling activities.This documentation includes not only receipts, but dates, places and who was with you when you won (and lost.) using the cards or other records at casinos is good, but remember, they also record winnings under $600 (the threshold at which a 1099 is required.) Most people that I know do not report winnings if they did not receive a 1099.By the way, gambling losses are NOT subject the 2% floor. They are reported on Line 28 Other Miscelaneo! us Deductions....Show more

Porfirio Cahall: You are supposed to claim all wins...But realistically, if you don't get a 1099 from the casino, then don't claim anything. Otherwise, if you are a regular gambler like myself, it will become a record keeping nightmare. If you get a 1099 for gambling winnings, you need to claim that. And losses are deductible up to those claimed winnings on schedule A as an itemized deduction. You just need to keep accurated records to support your dudected losses. If you win $10,000 at the track... You can deduct $10,000 for any gambling losses during that same tax year, whether it be the same day, the next week, or 2 months later....Show more

Ron Keliipio: Technically:In the first three examples, you report winnings of $500 and deduct losses of $500. In the last example, you report winnings of $150 and deduct losses of $150.Really:In all the examples, you would probably not report anything because no one really keeps track th! e outcome of each of hundreds of slot machines spins unless th! ey win enough that the casino is required to have them complete a tax form......Show more

Faustino Mellerson: This is the way the law works:Every bet is the issue. Win $500 = taxable. Lose $500 later = tax deduction.The finer point here is what most people miss. Winnings are includable in taxable income while losses are tax deduction are are subject to a 2% of adjust gross limitation in addition to the limitation up to the amount of winnings.In other words a $500 win and a $500 loss within the same hour does not cancel out the tax debt.I hope that this helps....Show more