And you just might invite intrusive questions as to affording losses of that size.
On 2/7/2014 9:35 PM, mucre@yahoo.com wrote:
Note: I'm not a tax accountant.If an individual with NO other income declares $10,000 in W2-G Gambling Winnings and also declares $10,000 in gambling losses, does he/she have to pay any income taxes on the gambling winnings? Does it make a difference in the amount of taxes paid (if any) on gambling winnings for an individual in same scenario who declares 100,000 in additional income? I always thought that if you declare the same amount of gambling losses as gambling winnings, you would not be taxed, but TurboTax computes a tax on gambling winnings even if you declare the entire winning amount as a loss.
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Gambling losses are deductible only if you itemize deductions. If you don't have enough deductions, the losses won't offset all the income. In addition, gambling losses, being itemized deductions, are subject to the deduction phaseouts for "high income" taxpayers, so you can end up paying tax on a year with a loss if you have W-2Gs.
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