You can claim losses up to the amount of your
wins as an itemized deduction on a Schedule A.
Ernie Mayhorn, EA
At 08:58 AM 1/18/2012, you wrote:
>
>
>interesting i didn't know you could list the
>total amount. i been doing it the long way
>listing all w2g. also i was wondering if there
>is a limit to how much you can deduct as losses.
>
>--- In
><mailto:vpFREE%40yahoogroups.com>vpFREE@yahoogroups.com,
>Tom Robertson <007@...> wrote:
> >
> > >I have many W2G's from last year - my
> accountant always lists them separately on the electronic return.
> > >
> > >Does anyone know if this is necessary? Can
> you just put in the gross amount and keep the W2G paper copies as reference?
> > >I know there are people who have a heck of a
> lot more of them than I do, and I can't imagine those being listed separately.
> > >
> > >Or does anyone know where to look to find this out?
> > >
> > >Thanks!
> > >Valerie
> >
> > This is probably one of the many areas where it doesn't matter, so you
> > might as well do what's easiest. I've known many people who have been
> > asked by the IRS why they put a total figure of W-2gs that's less than
> > what casinos reported to them, but I've never heard of anyone even
> > being asked why they put a total figure, as I've done for almost 30
> > years, rather than list them separately. I did someone's taxes a few
> > years ago electronically, though, and I recall not being able to put a
> > total figure, so I listed them separately.
> >
>
>
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